- Fintech-as-a-service innovator Strong raised $63 million in Collection B funding this week.
- Strong presents a platform that allows companies to construct and scale embedded fintech merchandise into their very own options.
- The corporate, which made its Finovate debut in 2019 as “Clever,” will use the funding to speed up its enlargement into “fintech-ready” verticals reminiscent of journey, well being care, and the gig financial system.
Fintech-as-a-service firm Strong has raised $63 million in Collection B funding. The corporate presents infrastructure to allow firms to launch and convey to scale embedded fintech options. The spherical was led by FTV Capital. Current investor Headline additionally participated.
“We constructed probably the most complete fintech infrastructure from the bottom up, so others don’t must,” Strong co-founder and CEO Arjun Thyagarajan stated. “Now, any firm can shortly spin up financial institution accounts, crypto wallets, ship funds, and difficulty playing cards to their finish customers, proper into their product expertise, whereas Strong does the heavy lifting of constructing and sustaining compliant fintech infrastructure.”
Strong made its Finovate debut at FinovateFall 2019 as “Clever.” On the convention, the corporate demonstrated its small enterprise banking-in-a-box providing that included a checking account, funds, invoicing, playing cards, and point-of-sale options. The corporate rebranded as Strong final 12 months as a part of a pivot to spotlight the fashionable banking platform that they had used to launch their Clever enterprise banking answer.
“We went from powering the Clever app to powering different merchandise and ecosystems,” Thyagarajan and firm co-founder and President Raghav Lal wrote on the Strong web site final spring. “Alongside the way in which, we realized our model and our positioning wanted to alter, too. And right now, we’re making the change and excited to share that Clever is now Strong.”
Strong will use the brand new capital to assist gasoline the corporate’s accelerated enlargement into what it calls “fintech-ready” verticals like journey, building, healthcare, and the gig financial system. The corporate’s absolutely abstracted fintech-as-a-service platform offers builders the instruments they should simply embed fintech merchandise into their choices. Strong studies that fintech packages that construct and launch on its platform personal the expertise and have little or no regulatory overhead. Strong’s know-how additionally leverages fashionable APIs and a minimal-code method to make integration simpler. Firms which have used Strong’s platform embody fellow Finovate alums like Paystand, in addition to SaaS firms reminiscent of Everflow and rising startups like Starlight.
Based in 2018, Strong is headquartered in San Mateo, California. This week’s funding brings the corporate’s complete funding to greater than $80 million in line with Crunchbase. Strong reported a 10x progress in revenues, buyer base, and transactions processed final 12 months. Greater than 100 fintech packages and $2 billion in transactions have been processed on the corporate’s infrastructure 12 months so far.
Photograph by David Bartus
