Fintech start-up SaaScada has secured initial funding of £ 2.5 million from more than 10 investors in the banking and private investment sectors.
SaaScada will use fresh capital for growth and expansion in the banking sector and is targeting digital contender or non-bank banks.
The company’s cloud banking platform is used by financial institutions to implement new “minutes” features. It provides a hub that is accessible through open APIs and allows fintech companies to create their own platform.
SaaScada claims to provide a more competitive alternative than financial institutions, which build their own solutions from scratch.
“Launching new banking services has traditionally been expensive, time consuming and restrictive due to the inflexible nature of the main banking black box.
“As a result, many organizations were frozen because the cost and complexity of launching the services was prohibitive,” said Nelson Utton, co-founder and CEO of SaaScada.
The London-based company was founded by Nelson Wootton and Steve Round in 2016. SaaScada currently offers lending, deposit and current account services.
“We have a sweet spot in a part of the banking market that has traditionally been excluded from developing best-in-class solutions, these organizations with balance sheets ranging from £ 500 million to £ 4 billion, which is where we can add significant value , “Said Steve Round, co-founder of SaaScada.
One of SaaScada’s clients is Allica Bank, a fintech contender bank established in 2019.
“We are pleased to incorporate SaaScada’s flexible and agile services as we develop our market-leading current account and are excited to launch the product very soon,” said Toby Mason, Chief Operating Officer, Allica Bank.
Competitors include London-based Weavr, which provides embedded financial software. Earlier this year, he raised £ 29.5 million in his Serie A round.
In a recent interview, CEO Alex Mifsud said UKTN that the company does not compete directly with banking as a service company and instead plans to “increase the size of the cake”.
SaaScada’s investment follows the incredible 2021 for fintech investments in the UK, with companies raising $ 11.6 billion in capital.