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.
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.
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].