FinTech firm Tintra has closed the first tranche of its $10m funding round with a $3m investment.
Tintra claims it is building emerging market-focused banking infrastructure that will allow enable institutions, multi-nationals, large corporates and governments in the emerging world secure level playing field access to global banking systems in a way that understands their geographic need.
According to Tintra, the funds will be used to drive its next stage of growth and the build out of ‘game changing artificial intelligence’ through the development of its RegTech business unit.
Tintra CEO Richard Shearer said, “I am delighted to be announcing this first tranche of our first direct funding round. Both of our new funding partners are very sophisticated investors and this nod of support in what we are building – and its potential – is a very rewarding feeling.
“We are moving incredibly quickly, and whilst of course there will be bumps in the road, we feel we have now got a clear run at the target. Both of our two current banking applications are tracking better than expected and are on target for completion on time. Our friends and JV partners at TMC2, who are about to exit their previous AI project next month at a valuation north of $5BN [according to media reports], are freeing up time to focus all energies on our game changing regulatory technology.
“This funding round, and the second tranche yet to be closed, gives us the runway now to start building out a best-in-class team, some of whom I expect to be announced to the market soon, and to engage some of the best consultancy minds in the sector who we have been positioning over the past few months.”
Copyright © 2022 FinTech Global
