Monavate secures £5m in seed funding from a US investor to expand its payment platform.
The Cambridge based payment solutions provider secured the backing to accelerate its international expansion.
Monavate operates a technology platform providing compliance and card scheme sponsorship for financial products. The Cambridge based business is regulated as an e money institution.
Monavate has raised £5m in seed funding from a major US institutional investor to accelerate its international growth and advance its payment technology platform. The company provides infrastructure and regulatory sponsorship for businesses issuing cards and managing financial services.
The fresh capital will be directed towards expanding its team and developing its card issuing capabilities. The transaction follows recent growth for the Cambridge based enterprise as it positions itself within the UK fintech sector.
Use of funds
- 01Grow the team
- 02Continue product development
- 03Expand into international markets