Bond Financial Technologies, Inc., a company building an enterprise-grade financial technology platform, announced it has raised a $32M Series A to connect digital brands to banking partners without the friction that has beset early movers in fintech. Coatue led the investment round, with participation from existing seed investor Canaan and new strategic investors Goldman Sachs and Mastercard. This latest funding round will accelerate Bond’s hiring and product launch with its first brand and bank partners.
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The oversubscribed round included investments from B Capital and XYZ Ventures. John Mack, former Chairman and CEO of Morgan Stanley also invested in this round, joining existing angel investors such as Sarah Friar, Steve Frieberg, Ryan Peterson and Eric Yuan.
Bond’s mission is to accelerate the pace of financial innovation and facilitate access to financial services. Bond’s comprehensive and developer-focused APIs and SDKs make it easy for brands to build, for banks to integrate, and for solutions to get to market quickly. The Bond platform reduces friction by centralizing and streamlining key processes of bank-brand partnerships. Bond also simplifies product monitoring and oversight for all parties by automating common and critical compliance steps.
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According to the Federal Reserve, 22% of US households did not have a bank account in 2018, 28% of US adults have no emergency savings and 57% of Americans have insufficient funds to cover a $500 unexpected expense. The Labor Department announced that over 30 million US workers filed for unemployment claims as of June 20 as a result of the coronavirus pandemic.
“The ongoing global pandemic and renewed focus on societal inequalities make Bond’s mission of driving financial innovation and inclusion more important now than ever before,” said Roy Ng, co-founder & CEO of Bond. “Opportunity starts with access. We look to lead the industry in enabling banks and innovators across industries to level the playing field for consumers and small businesses.”
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