Cambridge-based payment solutions company Monavate provides a tech-enabled compliance and card scheme sponsorship platform. Now, the company announced that it has bagged £5 million in seed funding.
Plans to launch fintech products quickly and easily
Monavate secured seed funding of £5 million from a major US institutional investor in one of the largest seed funding rounds for a UK fintech in the last 12 months. The funding will be used to support the investment in Monavate’s expertise and pioneering technology platform, thereby letting companies launch financial products quickly, easily and cost-effectively. It will also enable the fintech to accelerate its global expansion in the card issuing and ATM space.
Leeandrajae Vaile, Chief Executive Officer of Monavate, said: “There’s no shortage of great ideas to help consumers and businesses spend, save and invest smarter. And no shortage of investment in fintech either. However, getting great ideas to market is still a major pain point. That’s why Monavate was formed, and why we’re already making a difference.”
Scott Lucas, Chief Commercial Officer of Monavate, said: “Bringing good financial ideas to life can be complex and time-consuming, not to mention manual and expensive. This is tough for start-ups, who suffer more under the weight of red tape and other people’s legacy. Yet even for more established firms, the status quo is unscalable. At Monavate, we’re combining expert guidance and fit-for-purpose technology to help clients launch real financial solutions fast.”
Simplifies launch of fintech products
Monavate is a new-to-market company founded by Leeandrajae Vaile, Scott Lucas, Dörte Dye and Ajeb Wahiwala. It is regulated by the UK Financial Conduct Authority as an e-money institution and is a principal member of Mastercard and Visa. The company aims to demystify finance, making it accessible to all; simplifying and improving how people make payments across the globe. It combines expert guidance with fit-for-purpose technology to make even the most ambitious financial product ideas reality.
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