FinTech infrastructure company Financial Edge raised $85 million in a Series C funding round.
“This funding will accelerate Brim’s growth and fuel our international expansion. » Rasha KatabiCEO and founder of Brim Financial, said in a statement press release Wednesday (April 3).
She added that the funding will help Brim “continue to implement our strong product roadmap, focus on platform automation and integrate open banking capabilities.” Brim aims to redefine the credit card and payment infrastructure landscape and enable our customers to succeed in a rapidly changing environment.
According to the release, Brim’s platform and product suite enable financial institutions, FinTechs and leading international brands to manage and evolve their product platforms to meet customer and market needs. The company says its technology allows these customers to reduce time to market while reducing the costs and challenges of building and maintaining advanced capabilities on their own.
The release states that since completing its Series B round, Brim Financial has achieved several different milestones, including its recent partnership with True North offering a credit card platform as a service to banks, FinTechs and major brands in the United States and Canada.
The partnership brings together Brim’s capabilities with those of TrueNorth, a professional services organization that implements digital solutions for the financial services industry.
“Through this partnership, TrueNorth will co-invest in building dedicated Brim delivery expertise, assets and accelerators, including pre-integrations, methodologies and best practices to increase project predictability and speed to market,” said TrueNorth CEO. Alex Gonikman said in a press release.
And in December, Brim teamed up with MasterCardwith companies saying they were working to modernize U.S. credit card infrastructure and innovate credit card platforms.
“There is significant momentum what is currently happening in the US market when it comes to innovating credit card infrastructure in the consumer, small and medium business and commercial enterprise segments,” Katabi had told the era.
Elsewhere in the open banking space, PYMNTS discussed the gap between the promise of open banking and its realization in a recent interview with Shadi Saifanvice president of engineering at RNC Voyix.
He highlighted that in Europe, regulators and governments have played a key role in promoting open banking and its principles. On the other hand, “the approach adopted by the United States was an industry-led approach” Saifan told PYMNTS.
