Pollinate, a UK-based developer of payment software tailored for banks, has closed a $50m series C round featuring payment services provider Mastercard and financial services firms NatWest Group and National Australia Bank (NAB).
Growth equity firm Insight Partners led the round, while EFM Asset Management and Motive Partners also took part along with unnamed existing investors.
Founded in 2017, Pollinate produces technology that helps banks to bring small and medium-sized enterprises (SMEs) onboard and provide them with services such as payments processing and invoicing.
The series C funding will support the company’s international expansion, including in the United States where it is in discussions with a number of banks.
Al Lukies, Pollinate’s founder and CEO, said: “This investment round, led by the outstanding team at Insight Partners and supported by our existing shareholders, validates our mission and is a statement of confidence in the banks – that they can fight back against new entrants and win, all while supporting the vital work of SMEs.”
NAB invested an amount likely to be about $13m in Pollinate in September 2020 through a deal that increased the latter’s total funding to $90.7m.
Pollinate had officially launched in late 2019 with $77.8m raised across at least two funding rounds, the most recent of which featured Mastercard, Motive Partners and EFM Asset Management. The statement announcing that funding named financial services firm Royal Bank of Scotland as an existing investor.