London-based Integrated Finance, a company that helps build, expand and manage financial infrastructure, has announced that it has raised £2M (approx €2.34M) in its Seed round of funding.
The round was led by Octopus Ventures, one of Europe’s most active early-stage VCs. In addition, the round also saw participation from 500 Startups, SuperSeed Ventures, and prominent angel investors, including Chris Adelsbach, Srin Madipalli, and Jon Edirmanasinghe.
Funds for workforce
The proceeds from this round will enable the company to increase its product and engineering teams to further develop its platform and build its commercial team to support the growth of new and existing customers.
“Easily connect your technology with financial institutions”
The company was founded in 2019 by four friends – Alistair Cotton, Canay Ozel, Daniel Cronin, and Koray Argun – to solve a problem they felt would only get more difficult over time.
Having built and scaled an E-money firm in London, the founders had experienced first-hand the pain of integrating and stitching together APIs from different banks, fintechs, and regtechs to create a compelling customer offering.
By pre-building integrations and maintaining them over time, Integrated Finance was created to minimise the time spent by fintechs on connecting to their partners.
The Integrated Finance platform allows fintechs and financial institutions to speed up innovation, by simplifying connections to other banks, financial institutions and suppliers to a single API.
An Application Programming Interface (API) is a computing interface that defines interactions between multiple software intermediaries. It defines the kind of calls or requests that can be made, how to make them, the data formats that should be used, and the conventions to follow. APIs are flexible. They can be entirely custom, specific to a component, or can be designed based on an industry standard to ensure interoperability.
Alistair Cotton explains, “As software rapidly changes how financial services are delivered, businesses are now confronted with an ever-expanding digital financial supply chain they can use to adapt to changing customer requirements. The Integrated Finance platform allows fintechs to speed up innovation by simplifying connections to all of their banks and suppliers to a single API.”
The company’s infrastructure platform claims to help scaleups build a new solution in a month. According to the company, by building a better tech infrastructure, companies can collect smarter data and discover the customers they’re not winning or retaining.
Cotton adds, “Integrated Finance has grown rapidly since our last funding round 12 months ago. Our customer base has increased five-fold, and our platform allows our customers to create and launch new products three times faster, keeping them ahead of their competitors.”
Integrated Finance recently announced a partnership with Currency Cloud, which enables companies to fast-track their integration.