Bond Financial Technologies, which is streamlining the integration between brands and banks, has closed a $10m investment.
The seed round was led by Canaan with participation coming from Coatue and angel investors including Sarah Friar, Steve Frieberg, Ryan Peterson and Eric Yuan.
Funds from the round are being used to accelerate the pace of its innovation and helping banks and companies team up more easily. It will also help Bond Financial increase development of its machine learning platform and expand its reach with banks, FinTechs and brand partners.
Bond Financial has a goal to become a growth engine for digital brands that want to provide access to capital to their customers and banking partners which want to grow by offering the underlying financial services as FinTech grows.
The company streamlines integration between both players, enabling brands to better engage customers through personalised and compliant banking products.
Canaan partner Michael Gilroy said, “Bond is set to become a category-defining platform. We’ve long believed that eventually all brands will become FinTechs, and yet no solution today is compliant, scalable and makes fintech innovation efficient for brands and banks alike.
“We’re thrilled to partner with Roy and this team of industry veterans to build this platform. As the first institutional investors in Lending Club, Canaan has been deep in fintech since its earliest days and we’re proud to have incubated this all-star team.”
Earlier in the month, Canaan participated in the $60m Series C round of smart finance and automated accounting platform ScaleFactor. The company raised the funds to support its expansion and launch of new capabilities.
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