UK-based SaaScada secures £2.5 million seed funding to help target fintech challenger bank market, with revolutionary cloud native core banking platform
New funding primes company for growth and disruption of core banking platform marketplace.
5th May 2022, London. SaaScada, the cloud native core banking platform provider, today announced it has raised £2.5m in seed funding from over ten investors – including leading figures from the banking and private investment sectors. The SaaScada cloud native platform allows fintechs and challenger banks to launch new features and products in minutes, rather than months, at a much lower cost than traditional modular core banking platforms
SaaScada achieved 85% year-on-year growth in FY22, securing a strong roster of clients and partners – including two of the UK’s top 20 fintechs. Following its success with fintech challengers, SaaScada is building strong momentum with banks, offering lending, deposit taking and current account products to both retail and SME customers.
Co-founded by leading industry innovators Nelson Wootton and Steve Round, SaaScada offers a highly agile core-banking engine that enables financial institutions to create and launch innovative banking services at speed and scale. SaaScada is lowering the barrier to entry for a wider range of financial institutions, enabling them to offer banking products at a lower cost and with less complexity. In doing so, SaaScada is levelling the playing field to enable smaller financial providers to rapidly create competitive offerings, helping to ensure that first class banking is accessible to all.
“Launching new banking services has traditionally been expensive, time-consuming, and restrictive, due to the inflexible nature of the core banking black box. As a result, a lot of organisations have been frozen out, as the cost and complexity of launching services has been prohibitive,” says Nelson Wootton, Co-Founder and CEO at SaaScada. “We’re here to change that. Instead of forcing organisations to buy a suite of products that often don’t fully meet their needs or fit together, we’re enabling them to be part of a best of breed ecosystem. SaaScada sits at the heart of that ecosystem. This cohabitation model means banks can choose which technologies and partners they want to bring in, so they can create something more differentiated and unique. We believe this is the future of banking. It’s the only way to drive true innovation.”
With cohabitation at the core of its ethos, the SaaScada platform provides a central hub that is fully interoperable through open APIs – enabling new banking entrants to launch services and new features, and existing banks to deliver innovative agile solutions to their customers. The platform offers complete flexibility for financial institutions to create their own ecosystems, by bringing together existing and new suppliers in a fully integrated platform with enhanced data management.
Leading fintech challenger bank, Allica, uses SaaScada as part of their business payment account which has unique features that support its strategy in addressing the needs of the SME market. Toby Mason, Chief Operating Officer, Allica Bank said “After a year of rapid growth in 2021 for Allica, we’re really excited about our product roadmap in 2022. As a fintech, technology is at our core – we’re focused on building the best products, processes and services for our customers. We have been delighted to incorporate the flexible and nimble SaaScada services as we engineer our market-leading payment account and we’re excited to bring the product to market very soon.”
SaaScada will use this new round of funding to build on the momentum it has already created, accelerate growth and expand the company’s footprint in the banking sector. “We have been flying under the radar until now,” comments Steve Round, Co-Founder of SaaScada. “We are now delivering to customers and proven to be robust, scalable and reliable. We have a sweet spot in a section of the banking market that has traditionally been excluded from developing best-in-class solutions, those organisations with a balance sheet size of £0.5 – £4 billion, which is where we can add significant value. With this £2.5m funding we can continue to build our engine, our partner networks, and our footprint and take ownership of this market.”
ENDS
About SaaScada
SaaScada helps organisations to rapidly build and launch financial services using their cloud-based core banking platform, enabling any type of organisation to launch banking services.
For more information visit – www.saascada.com
For press enquiries contact:
Gus Walton, Spark Communications (gus.walton@sparkcomms.co.uk / +447767607688)
