SaaScada receives £ 2.5m to help launch neobanks banking services

Fintech start-up Fintech SaaScada has received £ 2.5m in seed funding from more than 10 investors from the banking and private investment sectors.

SaaScada will use the new capital for growth and expansion in the banking sector and is targeting challenging digital banks, or neobanks.

Financial institutions use the company’s cloud banking platform to deploy new features in “minutes”. It provides a hub that is accessible through open APIs and allows fintech businesses to create their own platform.

SaaScada claims to provide a more competitive alternative, compared to financial institutions building their own solutions from scratch.

“Launching new banking services has traditionally been costly, time consuming and restrictive due to the inflexible nature of the black box for core banking.

“As a result, many organizations have been canceled, because the cost and complexity of dispatch services is prohibitive,” said Nelson Wootton, co – founder and CEO, SaaScada.

The London-based firm was founded by Nelson Wootton and Steve Round in 2016. SaaScada currently provides loan, deposit acceptance and current account services.

“We are well placed in a segment of the banking market that has traditionally been excluded from developing world-class solutions, those organizations with a balance sheet size ranging from £ 500m to £ 4bn, and that is where we can deliver significant value. Steve Round, co – founder of SaaScada, said.

He is one of SaaScada’s clients Allica Bankfintech rival bank established in 2019.

“We were delighted to incorporate the flexible and seamless SaaScada services as we engineered our market-leading payment account and are excited to bring the product to market very soon,” said Toby Mason, chief operating officer , Allica Bank.

Competitors include London-based Weavr, which provides embedded financial software. Earlier this year it rose £ 29.5m in Round A round.

In recent interview with CEO Alex Mifsud inis RATN the company is not in direct competition with banking as service firms and instead intends to “increase the size of the cake”.

SaaScada investment continues to peak in 2021 for UK fintech investment, with companies on the rise $ 11.6bn in capital.

SaaScada receives £ 2.5m to help launch neobanks banking services

Source link SaaScada receives £ 2.5m to help launch neobanks banking services

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