London-based fintech Pollinate has closed a $50 million Series C round. The funding is expected to propel further expansion in existing markets and spearhead movement into North America.
The Series C round was led by Insight Partners, and saw follow on investment from all existing investors, including NatWest Group, Mastercard, National Australia Bank (NAB), EFM Asset Management, and Motive Partners.
Already in advanced talks with a number of North American banking institutions, the service helps banks digitally transform their offerings to business customers, as well as become a one-stop-shop for SMEs.
The fresh round of funding is also expected to accelerate the expansion of the firm’s white label marketplace, which provides banks the ability to offer SME’s access to capital, receive payments, and provide digital loyalty schemes, as well as marketing and insights tools.
“SMEs are the lifeblood of economies globally. They are the job creators, the innovators, and the brave explorers that simply find a way to make things work. Access to capital, intuitive banking services and a broad ecosystem of value-added solutions and partners are critical to the journey of a small business owner”, comments Pollinate CEO and Founder Al Lukies.
Pollinate currently powers the Tyl service offered by NatWest in the UK.
“The COVID-19 pandemic accelerated digital transformation for SMEs, forcing banks to move quickly to support their business customers. We have been doing everything in our power to support their recovery, in the UK, including approving over £14 billion of loans under government lending schemes, offering mortgage and capital repayment holidays and waiving monthly terminal fees for Tyl customers. We are delighted to also support SMEs on a global basis through our investment in Pollinate,” said Simon McNamara, Chief Administrative Officer at NatWest Group.