Cambridge-based payment solutions company Monavate secured £5m in seed funding.
The seed funding, which comes from an unnamed US institutional investor, will be used to develop its compliance and card scheme sponsorship platform, which aims to help companies launch financial products efficiently and cost-effectively.
It will also help the FinTech firm to accelerate its global expansion in the card issuing and ATM space.
Founded by Leeandrajae Vaile, Scott Lucas, Dörte Dye and Ajeb Wahiwala, Monavate is regulated by the UK’s Financial Conduct Authority as an e-money institution and is a principal member of Mastercard and Visa. The company aims to simplify and improve how people make payments across the globe.
Commenting on the round, Vaile said, “There’s no shortage of great ideas to help consumers and businesses spend, save and invest smarter. And no shortage of investment in FintTech either.
“However, getting great ideas to market is still a major pain point. That’s why Monavate was formed, and why we’re already making a difference.”
Sharing the same idea, Lucas added: “Bringing good financial ideas to life can be complex and time-consuming, not to mention manual and expensive. This is tough for startups, who suffer more under the weight of red tape and other people’s legacy. Yet even for more established firms, the status quo is unscalable. At Monavate, we’re combining expert guidance and fit-for-purpose technology to help clients launch real financial solutions fast.”
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