Australian payments innovation startup Verrency has closed a A$10 million Series A funding round ahead of a planned expansion to Singapore and US markets.
Verrency’s API platform provides an overlay to legacy infrastructure enabling banks to upgrade their customer offerings with digital services such as auto-rounding, real-time budgeting notifications and instant loyalty rewards. The firm also boasts a third party marketplace for banks to connect to a 30-strong ecosystem of partners including Aimia, DriveWealth, GoodWorld and RaizInvest, among others.
Verrency counts local neobank Volt, EmiratesNBD and Colombia’s Banco Davivienda among its first clients.
David Link, Verrency founder and CEO says: “The customers we have signed agreements with see our technology as a long-term infrastructure play. We are an industrial-grade layer that sits over their existing technology which can open the floodgate to an array of innovative partners while protecting their legacy investments."
The latest capital raise brings total investment in the company to A$20 million and comes ahead of a forthcoming Series B drive which will be led by SenaHill Partners in the United States and SoHo Capital in Singapore.
Says Link: “We have a strong pipeline of potential contracts in late-stage negotiations in the United States and Asia along with a market that is rapidly awakening in terms of the need to deliver consumer and small-business innovation around the moment of payment.”