Verrency, a Melbourne, Australia-based payment innovation company, closed a AUD$10m Series A funding round.
The backers were not disclosed.
The company, which has now raised over AUD $20m in total funding, intends to use the funds to continue its global growth, increase R&D and bolster its sales team.
Led by David Link, Founder and CEO, Verrency provides a patented API platform that allows banks and card issuers to deliver products and services, like auto-rounding, real-time budgeting notifications and instant loyalty rewards, without replacing legacy infrastructure.
Beyond its proprietary services, the company has a marketplace feature that allows banks to connect to an ecosystem of over 30 partners including Aimia, DriveWealth, GoodWorld and RaizInvest, among others.
In 2018, Verrency signed an agreement with Australia’s first retail-focused neobank, Volt. Under this long-term agreement, Volt will use its service offering to bring features to market when they launch their product offering in the second half of 2019.
Agreements recently signed also include the ones with Colombia’s Banco Davivienda and UAE based Emirates, among others.