础听scale-up seeking to revitalise the relationship between SMEs and major banks has raised 拢36 million in a Series C funding round.听
Pollinate, headquartered in London with more than 100 staff, launched its Tyl platform with NatWest in听September 2019听to 鈥榬e-imagine merchant acquiring鈥�.听
It is听now working with other leading banks around the world to implement听its听platform for their customers.听Described as a听modern toolkit for small businesses, the听cloud–based听technology听takes听data feeds from existing bank and third–party systems听and听gives听SMEs听a single place to manage their听business.听
It gives them access to capital, the ability to take payment, digital loyalty schemes, marketing tools and insights.听
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The round, led by听Insight Partners, signals听笔辞濒濒颈苍补迟别鈥檚听continued global expansion and move into North America, where it is in advanced conversations with听a number of听banks.听
It听also includes participation from all existing investors, including NatWest Group, Mastercard, National Australia Bank (NAB), EFM Asset Management and Motive Partners.听听听
“At Insight Partners, we invest in fast-scaling software companies. The Pollinate platform creates white-labelled digital marketplaces for the business customers of the world鈥檚 largest banks,鈥� said Emmet B. Keeffe III, Operating Partner at Insight Partners and Founder of Insight IGNITE.听听
鈥淔ollowing the pandemic, the banks have the opportunity to lead the regeneration of the SME听economy听but they must move quickly. We’re proud to support Pollinate as they develop their global alliance of non-competing听banks, and听look forward to seeing the company continue its impressive growth in the years ahead.”听听
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Al Lukies CBE, CEO and founder of Pollinate, added:听鈥淪MEs are the lifeblood of economies globally. They are the job creators, the innovators, and the brave explorers that simply find a way to make things work.听听
鈥�Access to capital, intuitive banking services and a broad ecosystem of value-added solutions and partners are critical to the journey of a small business owner.听
鈥淚t is our passion to work with leading banks and dynamic merchants around the world. This investment round, led by the outstanding team at Insight Partners and supported by our existing shareholders, validates our mission, and is a statement of confidence in the banks 鈥� that they can fight back against new entrants and win, all while supporting the vital work of SMEs.鈥澨�听
Simon McNamara, Chief Administrative Officer at NatWest Group, added:听鈥淭he COVID-19 pandemic accelerated digital transformation for SMEs, forcing banks to move quickly to support their business customers.听听
鈥�We have been doing everything in our power to support their recovery, in the UK, including approving over 拢14 billion of loans under government lending schemes, offering mortgage and capital repayment holidays and waiving monthly terminal fees for Tyl customers.听听
鈥�We are delighted to also support SMEs on a global basis through our investment in Pollinate.鈥�听