Modularbank, an Estonia-based fintech startup, has reportedly secured €4 million through its latest investment round to develop its digital banking platform, as well as expand its product into the UK and Europe. According to TechEU, the investment round was led by Karma Ventures and Blackfin Capital Partners, with participation from Plug and Play Ventures, Siena Capital, and angel investor and former CTO of Twilio and Skype, Ott Kaukver.
Founded in 2018, Modularbank claims it was build for allowing any business to rapidity offer “seamless, tailored” financial services to customers.
“The highly modern banking platform follows the microservice architecture and is composed of flexible and independent modules that cover end-to-end everyday banking processes. Imagine it as a house built from Lego blocks. The blocks fit together flawlessly and form a perfect home. However, you can always take the blocks apart, use only some of them, leave others aside, or add them when necessary. “
Modularbank further revealed that its platform is API_based for “quick and easy” integration with customers’ existing ecosystem and may run on all main cloud providers, as well as on private clouds. Speaking about the investment, Financial services vet and Modularbank CEO Vilve Vene, reportedly stated:
“Increasingly, people are demanding more flexible and convenient services that fit around the way they work and live and in response, there is a wave of digitalisation and embedded finance on the horizon, beginning to build. To harness this momentum there is a real need for lean, yet sophisticated core banking technology and that’s where Modularbank comes in, as we do exactly that. Modularbank was set up to enable banks and other customer-facing businesses to devise and roll out personalised banking services quickly and easily.”
The investment will go towards the set up of commercial operations in the UK and to hire more engineers and product experts across Europe as it gears up for a wider global expansion.