The payment innovation company has closed its Series A round, bringing total investment in the company to over $20 million.
One of its long-term agreements is with neobank Volt, which will leverage the service offered by Verrency to bring features to market when it launches its offering in the second half of this year.
The service offered by Verrency is a patented API platform that lets banks and card issuers deliver products and services like auto-rounding, budget notifications and instant loyalty rewards without replacing legacy infrastructure.
Beyond this service, it also has a marketplace feature that allows banks to connect to a range of Verrency partners, which include DriveWealth, GoodWorld and RaizInvest.
Founder and chief executive of Verrency David Link said that the investment was a vote of confidence in the services offered by Verrency.
“Consumers are gravitating towards experience-led banking and we help our customers offer new products and services in a cost effective and agile way,” he said.
“This Series A investment of $10 million is a vote of confidence in our technology and leaves us well positioned to continue our global growth, increase R&D and bolster our sales team.”
Mr Link said customers saw the API technology as a long-term infrastructure play and there was interest around the globe in the services.
“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,” he said.
The close of the funding round comes as Verrency ramps up its international expansion and prepares to launch an upcoming Series B funding round later this year.
“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,” Mr Link said.
Eliot Hastie is a journalist on the wealth titles at Momentum Media.
Eliot joined the team in 2018 having previously written on Real Estate Business with Momentum Media as well.
Eliot graduated from the University of Westminster, UK with a Bachelor of Arts (Journalism).