1.4 C
New York
Saturday, January 28, 2023

Buy now

Embedded finance platform Strong raises $63m to develop into new verticals


“Now, any firm can rapidly spin up financial institution accounts, crypto wallets, ship funds, and concern playing cards to their finish customers, proper of their product expertise, whereas Strong does the heavy lifting of constructing and sustaining compliant fintech infrastructure.”

Strong has raised $63 million in a Collection B funding spherical led by FTV Capital, a sector-focused progress fairness agency with almost 25 years of expertise investing in monetary expertise. Current investor Headline additionally participated within the spherical.

The banking-as-a-service (BaaS) platform affords the required infrastructure for any agency to launch and scale fintech merchandise and the funding shall be used to speed up Strong’s growth into fintech-ready verticals similar to journey, logistics, building, healthcare, schooling, and the gig economic system.

Based in 2019, the agency raised £5.7 million in a seed spherical and £12 million in a collection A funding spherical, each in 2020. The corporate formally launched its fintech platform in April 2021.

“Assume AWS for FinTech”

Financial institution accounts, crypto wallets. funds, playing cards

Arjun Thyagarajan, co-founder and CEO at Strong, mentioned: “We constructed essentially the most complete fintech infrastructure from the bottom up, so others don’t need to. Now, any firm can rapidly spin up financial institution accounts, crypto wallets, ship funds, and concern playing cards to their finish customers, proper of their product expertise, whereas Strong does the heavy lifting of constructing and sustaining compliant fintech infrastructure.”

Robert Anderson, associate at FTV Capital, commented: “With over 20 years of investing in category-defining fintechs, FTV has been carefully following the rise of banking-as-a-service, or BaaS. Strong is assembly an actual market want for contemporary fintech infrastructure, delivering a best-in-class platform that encompasses expertise, compliance and every little thing in between. The corporate’s sturdy monetary place, explosive progress, and caliber of purchasers converse for themselves, and we’re delighted to again the main fintech-as-a-service platform with unmatched management and a dedication to compliance, expertise, and buyer expertise.”

Raghav Lal, co-founder and president at Strong, added: “With over 100 fintech applications and $2 billion in transactions processed on our infrastructure, 12 months so far, Strong has rapidly change into the go-to supplier for high-growth corporations that desire a one-stop store for his or her fintech wants.”

Tony Tran, CEO at Lumanu, commented: “The way forward for commerce, media, and work is more and more pushed by passionate creators. Lumanu’s first-of-its-kind funds platform with embedded financing instruments, constructed on Strong’s infrastructure, empowers creatives to ship nice work with out worrying about cash.”



Supply hyperlink

Related Articles

Stay Connected

0FansLike
3,474FollowersFollow
0SubscribersSubscribe
- Advertisement -

Latest Articles