The fintech company Cobase has raised €10 million in funding during a Series A round. The Nordic bank Nordea and the French Crédit Agricole CIB join the main shareholder ING as shareholders of Cobase, with the objective to become commercial partners. The new funding will allow the Dutch multi-banking platform to continue developing its solution and further expand its network of connected banks.
Multi-banking solution for corporates
Cobase offers an end-to-end solution for corporate customers who hold many bank accounts at many different banks. The proprietary Cobase multi-banking platform provides a single platform for these companies to access all their accounts at the various financial institutions with which they do business. Users can also integrate their ERP system directly into the Cobase platform, eliminating the need for a separate integration with each bank. Besides bank connectivity, the platform’s key features include a central Payment Hub and various Cash Management and Treasury Management modules.
New shareholders and commercial partners
By closing the Series A funding round, Cobase raised the funds needed to accelerate the expansion of its business. At the same time, it has secured a commercial partnership with Nordea, with the intention to conclude a similar agreement with Crédit Agricole CIB. This allows Cobase to develop activities with two major players in the financial world who will use Cobase’ technology to serve their clients. ING was already a shareholder and partner. Cobase anticipates that in the future, more banks may join as partners.
Roadmap includes European and global expansion
For Cobase, the investment capital presents an opportunity for further developing its platform’s capabilities and expanding its network of connected banks, says Jorge Schafraad, founder and CEO of Cobase. “Currently, our clients are large corporates, mainly from Western Europe. Our strategy is to make Cobase a leading pan-European player in the coming years and then continue to roll out globally. We are already connected with more than a hundred banks from all over the world. We simply follow the needs of our corporate clients. Our platform helps them to manage their bank accounts efficiently, and we will continue to enhance its capabilities. Besides that, banks can choose to embed our technology in their systems and offer our solution under their brand to their clients. Cobase will be able to roll out faster to new markets and client segments, and the banks gain access to our technology.”
Fintech success story
Cobase incorporated in 2017 after a successful start in an ING accelerator program in 2016 in which the concept was tested through prototyping, customer interviews and market research. Benoît Legrand, Chief Innovation Officer and CEO of ING Ventures at ING: “Cobase has all the makings of a fintech success story. They are a great example of how we innovate at ING and help companies we invest in to become successful. Their multi-bank platform is a great concept. Cobase is now entering its scale-up phase. We very much welcome our new banking partners to accelerate together the promising growth of Cobase.”