The Australian API payments and rewards platform provider Verrency has closed on a $7 million (AU$10 million) Series A funding round, bringing the total funds raised to date to $14 million (AU$20 million).
Verrency offers a cloud-based, patented API platform that allows banks and card issuers to deliver products and services such as instant loyalty rewards without having to replace their legacy infrastructure. Verrency will use the new funds to fuel international expansion, increase R&D spending and bolster its sales teams.
Funds will also be used to support newly signed customers including Emirates NBD’s Liv. mobile-only bank, Colombia’s Banco Davivienda, and China’s UnionPay International. Individual investors and pricing terms were not provided.
“The customers we have signed agreements with see our technology as a long-term infrastructure play. 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,” Verrency founder and CEO David Link said in a press release.
In addition to offering its patented API platform, Verrency also has a marketplace feature that allows banks to connect to over 30 partners including DriveWealth, GoodWorld and Raizinvest.
While Verrency has just closed its Series A funding round, it is already looking forward to its next capital raise effort. It has appointed New York-based SenaHill Partners and Singapore-based SoHo Capital as co-leads for its upcoming Series B funding round this year. SenaHill Partners did not provide comment by publication.
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