SaaScada grabs in £2.5 million to help challenger banks using cloud-based core banking platform
Fintech startup SaaScada raises £2.5 million to offer new banking features to financial organizations at a relatively low cost.
With the aim to let the financial organizations create competitive offerings, a cloud-native core banking platform ropes in £2.5 million in seed funding from the leading figures from the banking and private investment sector.
Headquartered in London, the platform is founded by Nelson Wootton and Steve Round on a mission to allow fintech and challenger banks to launch innovative features and products at speed and scale.
How did the SaaScada idea come to life?
Due to the complexity and high cost of launching new banking services, lots of financial organizations faced challenges. With this scenario, SaaScada came in to allow financial providers to rapidly create a competitive offering to ensure accessible banking to everyone. Nelson Wootton, co-founder and CEO of SaaScada shared his views on the arising concern that
“Launching new banking services has traditionally been expensive, time-consuming, and restrictive, due to the inflexible nature of the core banking black box. As a result, a lot of organizations have been frozen out, as the cost and complexity of launching services have been prohibitive,”
The startup will utilize its new investment to:
- Accelerate growth and expansion of the platform in the banking sector.
- Build strong momentum with banks to offer deposit-taking and current account products to both retail and SME customers.
SaaScada is here with a great solution, the co-founder and CEO said,
“Instead of forcing organizations to buy a suite of products that often don’t fully meet their needs or fit together, we’re enabling them to be part of a best of breed ecosystem. SaaScada sits at the heart of that ecosystem. This cohabitation model means banks can choose which technologies and partners they want to bring in, so they can create something more differentiated and unique. We believe this is the future of banking. It’s the only way to drive true innovation.”
As fintech technology is highly emerging in the finance sector, this platform is stepping ahead to offer a flexible solution to financial organizations to create their own ecosystem. “With this £2.5m funding, we can continue to build our engine, our partner networks, and our footprint and take ownership of this market.” Said co-founder, Steve Round.