Cobase, an Amsterdam, the Netherlands–based fintech company, received a €7.5m investment from ING Ventures.
ING Ventures has also committed to further investment in the years ahead. Cobase will operate as a completely independent company, under its own name and management.
The company intends to use the funds to continue to expand its global network of banks and develop the functionalities of its platform.
Led by Jorge Schafraad, CEO and founder, Cobase is launching a multibanking platform that provides a centralized solution for companies in the corporate market to access their bank accounts and other financial products and services with many different banks and financial institutions.
The solution arranges direct connections with banks or uses existing networks like SWIFT. In addition to worldwide bank connectivity, the platform’s key features include a central Payment Hub and various Cash Management and Treasury Management modules.
The company is also working intensively to develop its ‘Robo Assistant’, a module that end users can use to monitor balances and transactions and, if necessary, to perform automatic tasks, such as funding or sweeping accounts.
In 2016, the company completed ING Wholesale Bank’s accelerator program, in which the concept was tested through prototyping, customer interviews and market research.
Afterwards, Cobase started developing the platform with a group of pilot customers based on co-creation and the lean startup methodology.
Starting today, the company will actively conduct sales and markets.
Initially, the platform will be available to corporate clients in the European market but will later become available to companies outside of Europe as well.