London-based fintech Finastra has announced it is to support Gravity, a new UK-based bank set to assist SMEs with lending, credit card and deposit services.
The neobank, which is currently seeking authorisation, selected Finastra’s ‘fusion essence in the cloud’ solution for its end-to-end core banking capabilities.
Tim Brooke, chairman of Gravity explained: “Small businesses in the UK continue to struggle when it comes to choosing a bank that can support their needs.
“Traditional banks are failing to keep up with the agility these firms require and instead restrict their access to capital, stifle them with bureaucracy, and provide little or no support.
“By partnering with Fusion Essence in the cloud we will bring to market an agile, customer-oriented service that will make business banking fairer and simpler. We believe that Finastra is the trusted provider we need to support our ambitious plans for growth.”
Finastra’s cloud-based solution will support Gravity with its UK launch and aims to “drive efficiency through loan and deposit book automation.”
Built upon Microsoft’s Azure cloud platform, Gravity is said to have recognised the “flexibility and security” of the solution.
The firm expect adopting a modern cloud-based core system will support its aim of growing business at scale and diversifying its product offerings on top of the possibility of creating open, collaborative innovation projects.
Anand Subbaraman, general manager, retail banking, Finastra said: “An aspiring new entrant in the UK business banking sector, Gravity recognized from the start of its journey that a digital, cloud-first approach was essential to its success.
“With the cloud’s lower-cost operating model and speed of deployment, Gravity will be able to immediately benefit from Fusion Essence and differentiate its services from traditional banks.
“The cloud-based solution has been built to serve the unique needs of this market, enabling the bank to focus on more strategic growth and achieve timely return on investment.
“We are excited to be working alongside Microsoft with yet another aspiring UK bank, and look forward to supporting Gravity as it launches in the coming months.”
Richard Peers, senior director worldwide financial services, Microsoft commented: “To deliver an efficient and data-led customer experience in banking, cloud is the obvious choice for neobanks wanting to make an impact in the market.
“Fusion Essence, powered by Microsoft Azure, will ensure Gravity can build a first-class customer experience, and deliver the new services their customers are demanding at speed.
“We’re delighted to be working with Finastra to support aspiring neobanks, such as Gravity, on the Fusion Essence core banking solution, and in turn, supporting the future of the UK banking landscape.”
Finastra recently landed a similar agreement with Manchester-based newly authorised Revverbank.