Bond Financial Technologies, which helps brands accelerate the pace of financial innovation and inclusion, has closed its Series A round on $32m.
The round was led by Coatue, with contributions also coming from Goldman Sachs, Mastercard and B Capital. Additional support also came from angel investors including former Morgan Stanley chairman and CEO John Mack.
Bond claims that 77% of Americans are unhappy with their bank and 25% of households are still unbanked or underbanked. The pandemic has only increased this, with more people filing unemployment claims.
Bond offers a banking system which helps companies to build financial solutions for their customers. Its series of banking-as-a-service APIs and SDKs provide developers the tools to build financial innovations with just a few lines of code, and the bank partners to make it a reality.
In a blog post, the company said, “Our banking system serves as a source of stability in these moments of crisis, yet the system is being tested.
“How do banks manage increasing credit losses, navigate through near-zero interest rates and a flattened yield curve, all while continuing to find ways to better support their customers where their services are most needed? Partnering with brands is a route for many banks. With Bond, sponsor banks can easily find, onboard and scale new brand partners.”
The FinTech closed its seed round back in 2019 on $10m. Investors included Canaan, Sarah Friar, Steve Frieberg, Ryan Peterson and Eric Yuan.
Earlier in the year, Coatue committed capital to the $25m funding round of credit card startup Rump. The platform provides high credit limits, insights on savings, automated expense management, quick receipt matching, accounting integration and more.
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