New-to-market payment solutions provider Monavate has secured seed funding of £5m from a major US institutional investor, signalling one of the largest seed funding rounds for a UK fintech in the last 12 months.
Monavate provides a technology-enabled, compliance and card scheme sponsorship platform, that simplifies the way companies create, manage and grow financial products.
The funding will support investment in Monavate’s expertise and pioneering technology platform, allowing companies to launch financial products quickly, easily and cost-effectively. It will also enable the Cambridge-based 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.”
Monavate was supported on this transaction by the corporate practice of law firm Shakespeare Martineau.