New-to-market payment solutions provider Monavate has secured seed funding of £5 million from a major US institutional investor, signalling one of the largest seed funding rounds for a UK fintech in the past 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 technology platform, allowing companies to launch financial products quickly and cost-effectively. It will also enable the Cambridge-based fintech to accelerate its global expansion in the card issuing and ATM space.
CEO Leeandrajae Vaile said: “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. 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, CCO, 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.”