UK-based Fintech firm Monavate says it’s focused on rapidly expanding its operations after securing £5 million through a seed funding round.
Cambridge-based Monavate offers a “new-to-market” payment solution. The company confirmed in a release that it has managed to acquire funding from a “major” US institutional investor.
Monavate offers a “technology-enabled, compliance and card scheme sponsorship platform, that simplifies the way companies create, manage and grow financial products.”
As mentioned in a blog post by Monavate, the funds raised will be used to support investment in the firm’s “expertise and pioneering technology platform, allowing companies to launch financial products quickly, easily and cost-effectively.” The funds should also enable the Fintech company to “accelerate its global expansion in the card issuing and ATM space.”
Leeandrajae Vaile, CEO at Monavate, stated:
“There’s no shortage of great ideas to help consumers and businesses spend, save and invest smarter. And no shortage of investment in fintech either. However, getting great ideas to market is still a major pain point. That’s why Monavate was formed, and why we’re already making a difference.”
Scott Lucas, Chief Commercial Officer at Monavate, noted that “bringing good financial ideas to life can be complex and time-consuming, not to mention manual and expensive.”
Lucas added:
“This is tough for startups, who suffer more under the weight of red tape and other people’s legacy. Yet even for more established firms, the status quo is unscalable. At Monavate, we’re combining expert guidance and fit-for-purpose technology to help clients launch real financial solutions fast.”
Monavate is reportedly a Financial Conduct Authority (FCA)-regulated e-money institution and “direct member” of Mastercard and Visa, “offering BIN sponsorship for issuing and ATM acquiring programs.”
The release also mentioned:
“The expansion will build on Monavate’s rapid success to date. Since November 2020, Monavate has signed a number of fast-moving clients, including Hyperjar, Kasssh, Pin4 and Zilch, with many more exciting projects in the pipeline. Monavate was supported on this transaction by the corporate practice of law firm Shakespeare Martineau.”