Financial services firm National Australia Bank has supplied an amount likely to be approximately $13m in funding for UK-based payment processing tool developer Pollinate.
Founded in 2017, Pollinate has created technology that enables banks to more effectively provide services such as invoicing, bookkeeping and payment processing for small and medium-sized businesses.
Pollinate plans to strike agreements with one bank for each regional market to distribute its software on an exclusive basis. Clients can also use the app to set up customer loyalty programmes and implement integration with third-party financial technology products.
NAB will distribute the software to its Australian customers following its investment. The companies did not confirm the size of the deal but Pollinate said it increased its overall funding to £70m ($90.7m).
Pollinate emerged from stealth in November 2019 with $77.8m from at least two funding rounds, the most recent having been backed by payment services provider Mastercard, Motive Partners and EFM Asset Management.
Financial services firm Natwest, then called Royal Bank of Scotland, had also invested in the company prior to its launch, and is its main UK distribution partner.