SAN FRANCISCO, July 15, 2020 /PRNewswire/ -- 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.
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.
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."
"I haven't seen a team execute so quickly and attract top talent the way the Bond team has," said Michael Gilroy, General Partner at Coatue. "Roy and Yan have recruited a world-class team to address this gap in the market, and are on track to enable every brand to become a fintech. We at Coatue are excited to double-down and accelerate their growth trajectory."
"Today, more than ever, speed to market with a proven, reliable product is a competitive advantage," said Sherri Haymond, Executive Vice President, Digital Partnerships at Mastercard. "Bond provides an entirely new approach to help its fintech and bank partners deliver for the end user. We look forward to working with the team as they move to this next stage."
Bring banking to life with Bond. We're hiring! Please visit our Careers page.
Bond's mission is to accelerate the pace of financial innovation and access to capital. The company's enterprise-grade financial technology platform streamlines the integration between brands and banks, dramatically reducing friction and creating a more repeatable model. Through its AI-powered infrastructure, Bond enables digital brands to better engage their customers by offering personalized and compliant banking products. For more information, visit www.bond.tech.
Coatue is one of the largest technology investment platforms in the world with approximately $18 billion in assets under management. Our dedicated team of engineers and data scientists work closely with investment professionals to add value to founders and executive teams in our portfolio. With venture, growth and public funds, we back entrepreneurs from around the globe and at every stage of growth. Some of our private investments have included Airtable, Ant Financial, Anaplan, ByteDance, Chime, Databricks, DoorDash, Instacart, Meituan, Snap and Spotify.
SOURCE Bond Financial Technologies Inc.