Verrency, an Australian fintech that helps banks upgrade their payments technology, has raised $6.96 million (AUD $10 million) in Series A funding.
The funding will be used to fuel the company’s international expansion, and Verrency has hired SennaHill Partners in the US, and Soho Capital in Singapore for a Series B round scheduled for the second half of 2019.
The Melbourne-based firm has developed APIs that allow banks to add on loyalty rewards, real time budget notifications, auto rounding and other features to banking products without the need to overhaul legacy systems.
“Consumers are gravitating towards experience led banking and we help our customers offer new products and services in a cost effective and agile way,” says David Link, founder and CEO of Verrency.
The company signed a 2018 deal with Volt, an Austrialian neobank, that will roll out the new Verrency-backed service offering during the second half of 2019.
The company has also signed new agreements with Banco Davivienda in Columbia and Emirates in the UAE.