The banking business model does not look as shiny as it was 20 years ago. Banks’ earnings are shrinking as their legacy model witness diminishing revenues, often consumed by thick cost structures. While traditional banks struggle, newcomers are blooming and see their business growing rapidly. Those players managed to use technology to innovate and better manufacture and distribute their financial products.
Today, and especially in these times of pandemic, financial institutions have been cornered and are urged to “to fly to the cloud” if they want to remain relevant for their customers. On the other side the demand for embedded finance solutions, by non-financial parties, is surging. There are clear signals we are approaching a level of “market serendipity” for new core banking solutions.
Nevertheless, a great challenge remains. Who has all that it takes to build a product capable of catering financial products to non-financial players, while meeting the scrutiny of banks as well?
Enter Modularbank, a new generation, API-first, core-banking provider.
Modularbank was founded back in 2018 by a stellar team of 5 co-founders that previously founded and led Icefire, an Estonian software house known for its high-quality footprint in the banking and financial sector. The team at Modularbank has developed an elegant cloud-based banking platform to help traditional banks and new challengers in delivering financial services at the point of customer need. Modularbank’s core banking stack offers a broad range of banking modules including consumer finance, personal finance management, risk management, financial reporting and payment cards.
In Modularbank’s team we have found the perfect mix of…
🎓Experience / 5 founder, 110 years of experience in financial services
💻Technology / in only 18 months they have built a full-blown core banking platform
🔦Vision / consumer banking is just the tip of the iceberg
💸 Business traction / 2 banks, 1 corporate, 1 payment processor, more to come
…to convince the whole team to invest.
We are therefore proud to lead Modularbank’s first external round alongside the Estonian fund Karma Ventures and other followers among which Ott Kaukver (ex CTO of Twilio) and Plug & Play.
Congrats to Vilve, Rivo, Ove, Jan, and Jüri. The whole BlackFin ecosystem is happy to support you along the way!