Bond Raises $10 Million Seed Round08.27.2019
Bond Financial Technologies Inc., a company building an enterprise-grade financial technology platform, has raised $10 million to accelerate the pace of fintech innovation, connecting digital brands to banking partners without so much of the friction that beset early adopters in the fintech sector. The seed round was led by Canaan, with participation from Coatue and angel investors including Sarah Friar, Steve Frieberg, Ryan Peterson and Eric Yuan. The funding will support Bond’s development of its ML-powered platform and expand its reach with banks, fintechs and brand partners.
“Until now, the friction between brands and banks has stifled the pace of financial innovation and access to capital,” said Roy Ng, co-founder & CEO of Bond. “Bond enables banks of all sizes to more effectively compete for and partner with technology innovators, ultimately improving access to capital for everyday consumers and businesses.”
Bond aims to be a growth engine for digital brands that want to provide access to capital to their customers, and banking partners that want to grow by providing the underlying financial services as the fintech revolution accelerates.
“Bond is set to become a category-defining platform,” said Michael Gilroy, Partner at Canaan. “We’ve long believed that eventually all brands will become fintechs, and yet no solution today is compliant, scalable and makes fintech innovation efficient for brands and banks alike. We’re thrilled to partner with Roy and this team of industry veterans to build this platform. As the first institutional investors in Lending Club, Canaan has been deep in fintech since its earliest days and we’re proud to have incubated this all-star team.”
Thomas Laffont, co-founder of Coatue, said, “Bond will empower a new wave of banks and brands, big and small, to open up whole new markets. We’re excited by Roy and this team of industry veterans who have come together to build this platform, re-define the fintech ecosystem and provide a new model that reshapes how banks, brands and regulators can work together to promote financial services innovation and inclusion.”
The three co-founders include Ng, Matt Bradley, VP of Technology and Yan Wu, VP of Data Science & Operations. This trio are former executives from BlackRock, Goldman Sachs, SAP, SoFi, and Twilio, with expertise in developer platforms, fintech, artificial intelligence and data science. Ng is a seasoned software executive who was previously Twilio’s COO, and more recently President and COO of Mapbox. He also spent his early career in banking at Goldman Sachs. Bradley was previously a founding member and VP of Machine Learning at Synapse, EIR at the Founder Institute and holds a Ph.D. in Mathematical Sciences and Statistics. Wu spent 15 years at the intersection of technology and financial services, notably having served as Head of Data at SoFi and VP of Analytics at BlackRock.
Deutsche Börse, Deutsche Bank and Citi were primary investors.
Fintech firm will use proceeds to expand its cloud-based SaaS and IT infrastructure service offerings.
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The funding will help the firm's further expansion in Asia.
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