Regional challenger bank revverbank has selected Finastra’s Fusion Essence solution to power its end-to-end core banking capabilities and ensure the FinTech company’s scalability.
Manchester-based revverbank was incorporated in the end of June 2019. Arpan Gautam, founder and CEO of revverbank said the company’s mission is to help British small and medium-sized enterprises get access to capital. “SME businesses in the UK regions have historically struggled to find a lender amongst the traditional banks that can meet all their needs in terms of agility, speed of decision making and product relevance,” Gautam continued.
“Similarly, savers have often found it hard to place their funds in a bank which promotes regional economic development and provides competitive rates. Finastra’s Fusion Essence in the cloud solution will give us the ability to serve customers personally and efficiently, allowing us to focus on regional lending relationships and great saving rates. Our proposition will be underpinned by Microsoft’s Azure platform, which gives us comfort that our content is in secure hands.”
Finastra was formed in 2017. It offers a broad portfolio of financial services software. The suite of tools spans retail banking, transaction banking, lending, and treasury and capital markets.
Anand Subbaraman, general manager of retail banking at Finastra, said “revverbank has spotted an opportunity to harness digital technologies and a lower-cost operating model.”
Subbaraman continued, “This helps set it apart from more traditional banks by offering the type of services and speed of response that SMEs really want. Fusion Essence in the cloud is ideally suited to the needs of this market, which means revverbank can achieve a speedy return on investment and will be continuously supported by highly experienced teams at both Finastra and Microsoft. This is a breakthrough deal in the UK market for Finastra’s Retail Banking Cloud offering and we look forward to working closely with the revverbank team as they prepare for launch.”
In related news, British Atom bank raised a £50m fundraising round in July. In the same month, Monzo signed a partnership with AXA Partners to offer clients better travel insurance options.
Down under, Australian neobank 86 400 acquired a banking licence. This means it can now compete in Oz against the incumbent major banks.
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