Thanks to the latest advancements in technology, almost all sectors are finding innovative ways to upgrade their working. Banking is one of them and with digital banking on the rise, we’re observing a gradual shift in the way traditional banking services are rendered. However, the systems on which most banks work are mostly outdated. Bringing new methods to handle the needs of modern banking is the Amsterdam-based scaleup Five Degrees, which has raised a notable €22M in its latest funding round.
With the latest funding of €22M, Five Degrees plans to further accelerate the development of its entirely new, cloud-native core banking platform. The company is also poised to double down on its sales and marketing efforts next year. This new funding was the largest till date for the scaleup, which was led by Velocity Capital FinTech Ventures. Reggeborgh and Atlas Invest. Karmijn Kapitaal, 5Square and other existing investors also participated in the round.