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Fintech start-up completes $10m raise

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Australian payment start-up Verrency has closed a $10 million funding round, bringing total investment in the company to more than $20 million.

The fintech has completed the series A funding round as it ramps up its international expansion, having recently signed agreements with organisations such as Emirates. 

It is planning to launch a series B round later this year, having appointed SenaHill Partners in the US and SoHo Capital in Singapore.

Volt will also use Verrency’s cloud-based payments platform and services marketplace to bring features to market when it launches its product offering in the second half of the year.

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The patented API platform is designed to let banks and card issuers deliver products and services such as auto-rounding, real-time budgeting notifications and instant loyalty rewards, without replacing infrastructure already in place.

Verency also has a marketplace feature that allows banks to connect to a network holding more than 30 partners, including Aimia, DriveWealth, GoodWorld and Raiz Invest.

The company’s founder and chief executive David Link said consumers are gravitating towards experience-led banking.

“This series A investment of $10 million is a vote of confidence in our technology and leaves us well positioned to continue our global growth, increase R&D and bolster our sales team,” Mr Link said.

“The customers we have signed agreements with see our technology as a long-term infrastructure play. We are in an industrial-grade layer that sits over their existing technology which can open the floodgate to an array of innovative partners while protecting their legacy investments.”

He added that Verrency has a number of potential contracts in late-stage negotiations in the US and Asia.

Fintech start-up completes $10m raise

Australian payment start-up Verrency has closed a $10 million funding round, bringing total investment in the company to more than $20 million.

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Sarah Simpkins

Sarah Simpkins

Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth. 

Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio. 

You can contact her on [email protected].

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