Barcelona-based embedded finance firm Hubuc has secured $10m from a seed funding round co-led by Runa Capital and WndrCo.
Hubuc labels itself as the ‘AWS for financial services’ and has promised to enable any companies to add managed financial services – from payments, virtual and physical cards to bank accounts – to their product offering through a single API.
The company has said it can cut onboarding processes from up to a year to just a few weeks due to its in-house compliance, ledger and processing platform. This means contracts, regulatory requirements, integrations and risk are all managed by Hubuc, enabling its customers with instant access to a full-suite of services.
In relation to the AWS comparison, Hubuc said that like the cloud giant, it allows its customers to ‘forget about buying computing infrastructure and removes the need to worry about finding banking partners, compliance, card manufacturers, and identity verification’.
Hubuc scaled into 58 territories since its launch last year and has secured long-term contracts of more than $4m across multiple industries.
Hubuc CEO Hasan Nawaz said, “Embedded finance is no longer the exclusive privilege of large technology firms. Our vision is to become the platform that enables any company to embed financial services within their products. And we’re doing that by simplifying a hugely complex process and wrapping everything into one contract and one API.”
