Pollinate closes £70m investment alongside partnership with NAB

Pollinate, which hopes to transform merchant acquiring for small and medium-sized businesses in Australia, has closed its funding round on £70m.

The close of the round has come alongside the formation of a partnership with National Australia Bank (NAB).

This partnership will see NAB implement Pollinate’s global cloud-based platform to help its SME customers better manage and grow their businesses. Pollinate will give them, digital invoicing and accounting tools, business insights, integration with third-party applications and the ability to run loyalty programmes.

NAB is the second bank to join a the global network of Pollinate, which has the goal of working with one leading bank in each country. The FinTEech already has a partnership with NatWest in the UK and is in discussions with banks in South Africa, Canada and other regions.

Pollinate founder and CEO Al Lukies CBE said, “Banks around the world have had a difficult decade, but they remain the only ones in the payment chain who can connect directly with both merchants and consumers. NAB is ideally placed to create a virtuous circle between the bank, its business customers and the communities they serve.  We are honoured to be their partner of choice in Australia.”

Other backers of the capital injection included NatWest, Mastercard, EFM Asset Management and Motive Partners.

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