US-based digital banking technology developer Bond Financial Technologies received $32m in series A funding from investors including payment services firm Mastercard on Wednesday.
Investment manager Coatue led the round, which also featured investment banking firm Goldman Sachs, venture capital firms Canaan, B Capital and XYZ Ventures, and angel investors including John Mack, formerly chairman and CEO of investment bank Morgan Stanley.
Founded in 2019, Bond has created a financial technology platform that connects brands to banking partners and provides the software to help them build dedicated financial products for their customers.
The series A funds will support the launch of Bond’s product with its first bank and brand partners, in addition to helping it increase headcount.
Sherri Haymond, Mastercard’s executive vice-president of digital partnerships, said: “Today, more than ever, speed to market with a proven, reliable product is a competitive advantage.
“Bond provides an entirely new approach to help its fintech and bank partners deliver for the end user. We look forward to working with the team as they move to this next stage.”
Canaan had previously led a $10m funding round for the startup in August 2019 that included Coatue and individuals including Sarah Friar, Steve Frieberg, Ryan Peterson and Eric Yuan.
