Already counting some of the US’ biggest financial institutions as its clients, business application startup Instabase has been valued over $1bn after its latest funding round.
The unicorn’s massive $105m Series B capital injection was led by Index Ventures, the venture capital firm that recently led Spendesk’s, the spending management startup, €35m Series B funding round.
Existing investors Greylock Partners, New Enterprise Associates (NEA) and Andreessen Horowitz, participated in the round, as did additional investors Spark Capital, Tribe Capital, SC Ventures and Glynn Capital.
Instabase will use the money to accelerate recruiting and scale its core platform. The platform is built to help businesses develop customizable apps for automating different parts of their business.
For example, a bank can quickly build an app that can automatically verify customer income in a fraction of a second by combing through documents such as camera pictures or scans of paystubs, tax documents, bank statements, and other similar documents submitted by the customer.
Today, Instabase has stated that more than half of the top then financial institutions in the US as well as several global banks.
Greylock Partners is no stranger to big funding round, having participated in cloud management company Rubrik’s $261m Series E round in June.
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