UK-based core banking platform provider SaaScada has pulled in £2.5m in seed funding as it looks to accelerate growth.
The company secured the funding from over ten investors, including several figures from the banking and private investment sectors.
According to SaaScada, its cloud native platform allows FinTechs and challenger banks to introduce new features and products in minutes – instead of months – at a lower cost than traditional modular core banking platforms.
The company claims it offers a ‘highly agile’ core-banking engine that allows financial institutions to create and launch innovative banking services at speed and scale. It added that it is lowering the barrier to entry for a wide range of financial institutions, enabling them to offer banking products at a lower cost and with less complexity.
SaaScada claims it will use this new round of funding to build on the momentum it has already created, accelerate growth and expand the company’s footprint in the banking sector.
SaaScada CEO and co-founder Nelson Wootton said, “Launching new banking services has traditionally been expensive, time-consuming, and restrictive, due to the inflexible nature of the core banking black box. As a result, a lot of organisations have been frozen out, as the cost and complexity of launching services has been prohibitive. We’re here to change that.
“Instead of forcing organisations to buy a suite of products that often don’t fully meet their needs or fit together, we’re enabling them to be part of a best of breed ecosystem. SaaScada sits at the heart of that ecosystem. This cohabitation model means banks can choose which technologies and partners they want to bring in, so they can create something more differentiated and unique. We believe this is the future of banking. It’s the only way to drive true innovation.”
SaaScada co-founder Steve Round added, “We have been flying under the radar until now. We are now delivering to customers and proven to be robust, scalable and reliable. We have a sweet spot in a section of the banking market that has traditionally been excluded from developing best-in-class solutions, those organisations with a balance sheet size of £0.5 – £4 billion, which is where we can add significant value. With this £2.5m funding we can continue to build our engine, our partner networks, and our footprint and take ownership of this market.”
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