SaaScada secures £2.5 million seed funding; targets challenger banks

SaaScada, the cloud native core banking platform provider, today announced it has raised £2.5m in seed funding from over ten investors – including leading figures from the banking and private investment sectors. The SaaScadaFintechs can use cloud native platform to connect with each other challenger banksYou can launch new features and products in minutes instead of months. It is also much more affordable than traditional modular core banks platforms.

SaaScada achieved 85% year-on-year growth in FY22, securing a strong roster of clients and partners – including two of the UK’s top 20 fintechs. FollowingIts success with fintech challengers is a testament to its strength. SaaScadaIt is gaining strong momentum banksAvailable to retail and SME customers, it offers current account products, deposit taking, lending, and deposit taking.

CoFounded by top industry innovators Nelson WoottonAnd Steve Round, SaaScadaIt provides a highly agile core banking engine that allows financial institutions launch innovative banking services at scale and speed. SaaScadaThe goal is to lower the barrier to entry for a wider variety of financial institutions, allowing them to offer banking products at lower costs and with less complexity. InDoing so, SaaScadaIt is leveling the playing field to allow smaller financial providers to quickly create competitive offerings, helping ensure that first-class banking is available to all.

“LaunchingBecause of the rigidity and inflexibility of the core banking blackbox new banking services have historically been costly, time-consuming, restrictive, and expensive. As a result, a lot of organisations have been frozen out, as the cost and complexity of launching services has been prohibitive,” says Nelson Wootton, Co-FounderAt SaaScada. “We’re here to change that. Instead of forcing organisations to buy a suite of products that often don’t fully meet their needs or fit together, we’re enabling them to be part of a best of breed ecosystem. SaaScadaThis is the heartbeat of that ecosystem. This cohabitation model means banksThey can choose which technologies they want to bring in and with whom, so they can create something unique and different. WeThis is the future for banking. It’s the only way to drive true innovation.”

WithCohabitation is at the heart of its ethos. SaaScadaPlatform is a central hub that is interoperable through open APIs. It allows new banking entrants and existing customers to launch new services, new features, and more. banksCustomers can expect innovative, agile solutions. TheFinancial institutions can create their own ecosystems by bringing together existing suppliers on a fully integrated platform that has enhanced data management.

Leadingfintech challenger bank, AllicaUses SaaScadaas part their business payment account that has unique features that support their strategy in addressing SME market needs. Toby Mason, Chief Operating Officer, Allica Bank said “After2021 is a year of rapid economic growth Allica, we’re really excited about our product roadmap in 2022. As a fintech, technology is at our core – we’re focused on building the best products, processes and services for our customers. WeHave been thrilled to incorporate the flexible, nimble SaaScada services as we engineer our market-leading payment account and we’re excited to bring the product to market very soon.”

SaaScada will use this new roundOf funding to build on the momentum it has already created, accelerate growth and expand the company’s footprint in the banking sector. “We have been flying under the radar until now,” comments Steve Round, Co-Founder of SaaScada. “WeNow, they deliver to customers and have been proven to be reliable, scalable and robust. We have a sweet spot in a section of the banking market that has traditionally been excluded from developing best-in-class solutions, those organisations with a balance sheet size of £0.5 – £4 billion, which is where we can add significant value. With this £2.5m funding we can continue to build our engine, our partner networks, and our footprint and take ownership of this market.”

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