Wise, a U.S.-based embedding banking startup, announced on Thursday it secured $12 million through its Series A funding round, which was led by e.ventures with participation from Grishin Robotics, and with continued investment from seed investors, Base10 Partners and Techstars. The latest investment comes just six months after Wise raised $5.7 million through its seed round. Wise has raised $18 million to date.
Launched in 2019, Wise is on a mission to be alongside ambitious businesses, every step of the way, through its online banking technology. The company notably offers modern businesses a “seamless” way to bank, pay, and get paid. Wise embeds its all-in-one business banking product through partnerships. While sharing more details about the service, Thyagarajan, Co-Founder and CEO at Wise, stated:
“We built banking so our partners don’t have to. By embedding banking, Wise unlocks deep product offerings and better customer experiences for our partners. e.ventures built a thesis on exactly this, and we agree 100%.”
Along with the Series A funding round, Wise announced it has also signed several new partnerships, which will allow B2B companies to offer banking, within their product experience, greatly expanding the value to their business customers. Raghav Lal, President at Wise, also explained:
“Embedded experiences drive product engagement through the roof! It is a win-win-win proposition for everyone involved. Wise, its partner, and the small business that lives inside the partner ecosystem.”
Wise added that the Series A funds will be used to accelerate growth and partnerships across several verticals and to extend its breakthrough technology to support a fully-managed embedded banking experience.