Five Degrees, a Dutch fintech startup, has raised €10 million led by Karmijn Kapitaal, which acquired a minority interest in the firm. 5square and Velocity Capital also participated in the round.

Five Degrees plans to use the funding to expand its “plug and play” banking platform internationally and invest in product development.Its core BPM banking solution, Matrix, provides a fully automated banking services platform to both retail and private banks.

The company is based in Breukelen, the Netherlands and also has offices in Serbia and Iceland. It is one of three Dutch companies that managed to secure a spot in this year’s Fintech50, the European ranking of most attractive financial innovators.

Read more: FinSMEs, (Dutch)

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