Bond Financial Technology, Inc. , a company that is building an enterprise-grade financial technology platform, announced that it has raised $32M Series A to connect digital brands to banking partners without the friction caused by early movers in fintech. Coatue led the investment round, with the participation of existing seed investor Canaan and new strategic investors Goldman Sachs and Mastercard. This latest round of financing will accelerate Bond’s hiring and product launch with its first brand and bank partners.
The oversubscribed round included investments by B Capital and XYZ Ventures John Mack, former Chairman and CEO of Morgan Stanley, and Steve McLaughlin, Founder and CEO of FT Partners, have also invested in this round, joining existing angel investors such as Sarah Friar, Steve Frieberg, Ryan Peterson and Eric Yuan.
Bond’s mission is to accelerate the pace of financial innovation and to facilitate access to financial services Bond’s comprehensive and developer-focused APIs and SDKs make it easy for brands to build, for banks to integrate, and for solutions to quickly get on the market. The Bond Platform reduces friction by centralizing and streamlining the key processes of bank brand partnerships. Bond also simplifies the monitoring and supervision of products for all parties by automating common and critical compliance steps.
According to the Federal Reserve, 22% of US households did not have a bank account in 2018, 28% of US adults did not have any emergency savings, and 57% of Americans did not have sufficient funds to cover $500 unexpected costs. The Labor Department announced that more than 30 million US workers had filed unemployment claims on June 20 as a result of the coronavirus pandemic.
“The ongoing global pandemic and renewed focus on societal inequalities make Bond’s mission to drive financial innovation and inclusion more important now than ever before,” said Roy Ng, co-founder & CEO of Bond. “Opportunity begins with access We are looking to lead the industry in enabling banks and innovators across industries to have a level playing field for consumers and small businesses. “That’s right.
“I haven’t seen a team run so quickly and attract top talent as the Bond team does,” said Michael Gilroy, General Partner at Coatue. “Roy and Yan have recruited a world-class team to address this market gap and are on track to enable every brand to become a fintech company. We at Coatue are excited to double-down and accelerate their growth path. “That’s right.
“Today, more than ever, speed on the market with a proven, reliable product is a competitive advantage,” said Sherri Haymond, Executive Vice President, Digital Partnerships at Mastercard. “Bond provides a completely new approach to helping its fintech and bank partners deliver to the end user. We’re looking forward to working with the team as they move to this next stage. “That’s right.
Bring banking to the life of Bond We hire! Please visit our Careers page.
About Bond Financial Technology, Inc.
Bond’s mission is to speed up financial innovation and access to capital The enterprise-grade financial technology platform of the company streamlines integration between brands and banks, dramatically reduces friction and creates a more repeatable model. Through its AI-powered infrastructure, Bond enables digital brands to better engage their customers by offering customized and compliant banking products. Visit www for more information. Bond The bond Technique
About the coat
Coatue is one of the largest technology investment platforms in the world with approximately $18 billion of assets under management. Our dedicated team of engineers and data scientists works closely with investment professionals to add value to our portfolio of founders and executive teams. With venture, growth and public funds, we are supporting entrepreneurs from around the globe and at every stage of growth. Some of our private investments included Airtable, Ant Financial, Anaplan, ByteDance, Chime, Databricks, DoorDash, Instacart, Meituan, Snap and Spotify.
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