TenureX, a banking software developer, has closed its seed funding round on $5m to grow the size of its network.
Fintop Capital served as the lead investor, with commitments also coming from angel backers, including Chris Adelsbach, Jason Henrichs, Nissim Bar-El, Tom Brown, Rob Frohwein, Kathryn Petralia, Jonathan Ebinger, Ehud Arad and Roman Regelman.
Furthermore, VentureIsrael, and Hack VC also reupped their commitment in TenureX.
With the funds, the FinTech is gearing up to expand its network through new members that will increase the validation, quality and coverage for affiliates. It also hopes it will boaster data coverage and accuracy.
This investment comes after a strong growth period for TenureX in the US and Europe.
The company has built a platform that helps financial institutions and small-medium banks to co-operate easily, without ant risk or cost adjustments. It claims to remove complex corresponding banking relationships and by putting the transaction first, clients can confidently and easily work with banking partners.
Through its services, TenureX hopes customers can improve, streamline and expand their domestic and cross-border wire transfers.
TenureX CEO Izhar Arieli said, “Our ability to lead the market is further validated by the conviction of our investors who present a unique set of qualities and backgrounds that are synergetic to TenureX’s execution of its ambitious mission, in addition to Angels drawing a pool for world known fintech leaders and bankers.
“We’ve proven that wire transfers are a huge business generator to small-medium banks and financial institutions. This guarantees that every member will find partners to work with, create relationships without the risk that is implied in this business, and all while streamlining its wire transfers services. The TenureX platform will always grant the fastest and best possible experience when dealing with member banks.”
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