Victor Technologies has scored $6m in its seed round to support the launch of its banking APIs and Vantage risk platform.
MVB Edge Ventures, a venture capital firm focused on the FinTech sector, served as the lead investor.
This capital injection will help Victor release new features, including push-to-card payments and virtual card issuing. It will also help grow its Vantage suite of risk management tools for banks.
Vantage is designed to help banks quickly onboard a selection of FinTech clients in gaming, payments, banking-as-a-service and digital assets and enables better oversight and monitoring on a single platform. Victor claims due diligence, risk assessment and monitoring processes are typically burdensome to banks, Vantage fixes this.
Victor was founded in May 2021 to simplify partnerships between FinTechs and banks. Its payment APIs support ach, wire and internal transfers.
Victor head of strategy and operations Maf Sonko said, “The true potential of bank-Fintech innovation can only be realized if banks have the right technology to manage and move as quickly as technology companies and do it in a compliant and scalable way.
“The inefficiencies in back-office operations to support Fintech programs have largely been ignored by existing Banking-as-a-Service platform providers. This is a gap in the market and slows down innovation in new business models.”
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