Fintech startup SaaScada has received £ 2.5 million in initial funding from more than 10 investors from the banking and private investment sectors.
SaaScada will use fresh capital to grow and expand in the banking sector and focus on digital challenging banks or non-banks.
The company’s cloud banking platform is used by financial institutions to deploy new features in minutes. It provides a hub that is accessible through open APIs, and allows tech companies to create their own platform.
SaaScada claims that it provides a more competitive alternative compared to financial institutions that create their own solutions from scratch.
“Launching new banking services has traditionally been expensive, time consuming and limited due to the inflexible nature of the main banking black box.
“As a result, many organizations were frozen because the cost and complexity of running the services was too high,” said Nelson Wootan, co-founder and CEO of SaaScada.
The London firm was founded by Nelson Wootton and Steve Round in 2016. SaaScada currently offers lending, deposit and current account services.
“We have a good place in the banking market, which has traditionally been excluded from developing best-in-class solutions, those organizations with balance sheets ranging from £ 500 million to £ 4 billion where we can add significant value,” he said. Steve Round, co-founder of SaaScada.
One of SaaScada’s customers Alika Bankfintech bank, established in 2019.
“We were excited to incorporate SaaScada’s flexible and agile services as we set up our market-leading payment account, and we’re excited to bring the product to market very soon,” said Toby Mason, Allica Bank’s Chief Operating Officer.
Among the competitors is the London-based company Weavr, which provides firmware for financing. It was raised earlier this year £ 29.5 million in the Serie A round.
Recently interview with its CEO Alex Mifsud said UKTN that the company is not competing directly with banking companies as a service and instead plans to “increase the size of the cake”.
SaaScada’s investment comes after a major investment in UK fintech technology in 2021 as companies lift Capital is $ 11.6 billion.