London/Istanbul-based fintech infrastructure provider Integrated Finance has raised £2 million in a seed funding round. The platform offers fintechs an API solution that is set to dramatically reduce the time spent on connecting to other financial partners. The funding is expected to further develop the platform as well as support the acquisition and growth of new and existing customers.
Founded by four friends and former members of fintech SettleGo, Integrated Finance is the outcome of first-hand experience of the pain of integrating and stitching together a vast landscape of financial partner connections.
CEO and co-founder Alistair Cotton explains, “As software rapidly changes how financial services are delivered, businesses are now confronted with an ever-expanding digital financial supply chain they can use to adapt to changing customer requirements. The Integrated Finance platform allows fintechs to speed up innovation, by simplifying connections to all of their banks and suppliers to a single API.”
With their solution, Integrated Financial claims that scaleups can build new financial solutions within a month, rather than a year, as well as test and prove existing models in new geographies in dramatically shorter timeframes. Likewise, the company also points to growth opportunities with its offer via the collection of smarter data, and analytics that can point to customers that they are not winning or retaining.
Integrated Finance’s financing round was led by Octopus Ventures and saw the participation of 500 startups, SuperSeed Ventures, as well as angel investors Chris Adelsbach, Srin Madipalli, and John Erdimansinga.
“Companies work best when they focus on what makes them special, and those that leverage Integrated Finance will have a huge advantage when it comes to focusing on their core innovations,” commented Octopus Ventures’ Zihao Xu.