Cloud banking provider SaaScada has confirmed that it has raised a total of £2.5m in seed funding from over 10 investors.
The platform, which provides cloud-based technology for fast product deployment, achieved 85% year-on-year growth in FY22, and is now looking to capitalise on this success through partnerships with banks that work with both retail and SME customers.
Nelson Wootton, Co-Founder and CEO at SaaScada, said: “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. 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 co-habitation 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.”
Businesses using the SaaScada platform are given a central hub that is fully interoperable through open APIs, allowing for an easy entrance into the banking sector for newcomers and an agile product delivery for existing banks.
Toby Mason, COO of Allica Bank, one of SaaScada’s clients, reflected on the benefits the platform brings for the fintech challenger bank: “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.”
Commenting on what is next for SaaScada, company Co-Founder Steve Round said: “We have been flying under the radar until now. 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,” Round concluded.