UK-based payment tool developer Pollinate launched yesterday with £60m ($77.8m) in funding from payment systems provider Mastercard and financial services group Royal Bank of Scotland (RBS).
The funding was secured across at least two rounds to date, with the latest backed by Mastercard, investment firm Motive Partners and asset manager EFM Asset Management. RBS was identified as an existing investor without further details.
Founded in 2017, Pollinate has built a cloud-based platform that integrates with a bank’s legacy payment systems to facilitate the provision of digital activities such as loyalty schemes and onboarding, as well as backend functionality such as real-time data analytics.
The technology enables banks to offer modern-day features to merchants without migrating its own systems to an entirely different platform. Pollinate currently powers Tyl by NatWest, a payment services platform marketed by RBS subsidiary bank NatWest.
Although Pollinate did not specify how it intends to spend the funding, it said it is in advanced discussions with a range of retail banks internationally to deploy its platform. Its external shareholders have all invested as strategic partners.
Ajay Banga, Mastercard’s president and chief executive, said: “Technology is making our everyday easier and more accessible. For small business owners, it is critical to separate the potential from the performance. That is why we are involved with Pollinate.
“Each of the partners brings its know-how, insights and technology to provide banks with real, tangible solutions that enables business owners to deliver the best customer experience.”
