Financial technology startup Bond has secured $32 million in its latest funding round. The fintech news arena notes that this round was led by Coatue’s VC fund. Other investors of the startup include Cannan, Mastercard, and the bank that delivers the financial backend for the Apple Card, Goldman Sachs. The startup also has some individual investors such as the former Chairman and CEO of Morgan Stanley, John Mack, and angel investor Sarah Friar.
Bond was launched by the former COO of Twilio, the cloud platform, Roy Ng, and delivers software that allows firms of all kinds to offer financial solutions such as debit cards and credit cards. The startup has also worked to make sure that its software can be integrated with a network of banks that have the capacity of handling the regulatory obligations and compliances on behalf of its clients.
Roy stated that he made the decision of launching Bond after he saw the vast range of obstacles and problems faced by firms whenever they would try to launch any financial products or financial services. Roy also cited anecdotes of companies that deploy a number of staff and employees for developing software solutions to be integrated with banks, only to realize that the solution developed by them was either unfit for their arena and market space or outdated. There were also scenarios where the regulatory and technological difficulties proved to be cumbersome.
According to Roy, the offering provided by Bond is that as an off-the-shelf product that will allow firms to outsource their hard parts to launch financial solutions.
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Chandrima Samanta, Content-Editor, FintecBuzz
Chandrima is a Content management executive with a flair for creating high quality content irrespective of genre. She believes in crafting stories irrespective of genre and bringing them to a creative form. Prior to working for Hrtech Cube she was a Business Analyst with Capgemini.
