TenureX, a Tel Aviv, Israel-based SaaS based corresponding banking platform, raised $5m in seed funding.
The round was led by Fintop Capital (together with its JV: JAM & Fintop), with participation from Chris Adelsbach, Jason Henrichs, Nissim Bar-El, Tom Brown, Rob Frohwein, Kathryn Petralia, Jonathan Ebinger, Ehud Arad, and Roman Regelman, and existing investors VentureIsrael, and Hack VC.
The company plans to use the funds to:
- further accelerate its network growth, and
- add more members to the network, each of which will improve the validation, quality, and coverage for all members.
Led by Izhar Arieli, CEO, TenureX is building a platform for financial institutions and small-medium banks to co-operate with each other, one transaction at a time without any adjustments, risk, or cost, by way of an API or a web portal. The platform creates a new workflow and validation process based on enhanced unified data sets to enable pre-validation capabilities (Know Your Transfer) for every transaction, programmatically and at scale. TenureX aims to allow its customers to improve, streamline, and ultimately expand their domestic and cross-border wire transfer execution capabilities with current and future banking partners over a reliable and controlled digital network.