London-based FinTech Pollinate has closed a $50m Series C round led by Insight Partners.
The investment round saw follow on investment from all existing investors, including NatWest Group, Mastercard, National Australia Bank, EFM Asset Management and Motive Partners.
The firm plans to use the funding to propel further expansion in existing markets and boost its ongoing movement into North America. Additionally, the funding seeks to accelerate the expansion of Pollinate’s white-label marketplace offering to meet the needs of banks’ small and medium-sized business customers.
Pollinate’s service helps banks digitally transform their offerings to business customers enabling them to offer SME’s access to capital, receive payments, and provide digital loyalty schemes, as well as marketing and insights tools. The platform – built with bank-grade privacy and security – takes data feeds from banks and third-party systems to give companies a single platform to manage and grow their business.
Founded in 2017, Pollinate already works with NatWest Group by powering its Tyl service as well as National Australia Bank.
Commenting on the funding round, Pollinate CEO Al Lukies said, “SMEs are the lifeblood of economies globally. They are the job creators, the innovators, and the brave explorers that simply find a way to make things work.
“Access to capital, intuitive banking services and a broad ecosystem of value-added solutions and partners are critical to the journey of a small business owner.”
Highlighting the importance of digital services for SMEs in the wake of the pandemic, NatWest Group chief administrative officer Simon McNamara added, “The COVID-19 pandemic accelerated digital transformation for SMEs, forcing banks to move quickly to support their business customers.
“We have been doing everything in our power to support their recovery, in the UK, including approving over £14bn of loans under government lending schemes, offering mortgage and capital repayment holidays and waiving monthly terminal fees for Tyl customers.”
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