Payment solutions provider Monavate has secured seed funding of £5 million from a major US institutional investor.
It is one of the largest seed funding rounds for a UK FinTech in the last 12 months.
Monavate provides a technology-enabled, compliance and card scheme sponsorship platform, that simplifies the way companies create, manage and grow financial products.
The funding will support investment in Monavate’s expertise and pioneering technology platform, allowing companies to launch financial products quickly, easily and cost-effectively. It will also enable the Cambridge-based firm to accelerate its global expansion in the card issuing and ATM space.
“There’s no shortage of great ideas to help consumers and businesses spend, save and invest smarter, and no shortage of investment in FinTech either,” said CEO Leeandrajae Vaile.
“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.”
Scott Lucas, Chief Commercial Officer of Monavate, said: “Bringing good financial ideas to life can be complex and time-consuming, not to mention manual and expensive. This is tough for start-ups, 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.”
Monavate is an FCA-regulated e-money institution and direct member of both Mastercard and Visa, offering BIN sponsorship for issuing and ATM acquiring programmes.
Since November 2020, Monavate has signed a number of fast-moving clients, including Hyperjar, Kasssh, Pin4 and Zilch.