Sandbox Banking, a fintech company creating a low-coding banking integration platform, has announced the completion of strategic investments led by Horizon Ventures.
The total amount of financing for this company is $ 6 million. The firm’s investors are Forum Ventures, SixThirty, and Tuesday Capital.
The company’s platform will allow business representatives, banks, and credit unions to accelerate digital transformation. Customers can use ready-made API adapters and solution templates to securely connect existing systems to fintech partners.
The Sandbox Banking API building platform is already used by more than 70 financial institutions in the USA and Canada, including Bank Newport, Silicon Valley Bank, United Bank, Choice Financial, and Service Credit Union.
Sales departments of fintech partners such as nCino, FIS, and Five9 positively evaluate the platform’s catalogs of adapters responsible for providing integration and support capabilities in critical customer systems. The catalog of solution templates was also highly appreciated.
Sandbox Banking plans to use the available funds to expand the staff. These actions are aimed at further activation of the process of creating new products and solutions.
Ravi Balasubramanian, CEO of Sandbox Banking, says that the infrastructure and product base necessary for the integration of the main banking and fintech systems have had a low level of compatibility for a long period. For this reason, there was a long integration, there was no customization and there was no flexible support for the transformation of the concept of activity in response to changes in user behavior. The Sandbox Banking platform solves this problem by introducing a new generation of integrated digital banking systems.
Ravi Balasubramanian stated that Horizon Ventures and Tuesday are two sphere leaders in the search for platform solutions that transform industries.
The platform can reduce the development time of common integrations by 80% and speed up most digital banking integration projects. Banks and credit unions get the opportunity to focus on stimulating revenue growth by offering BaaS or API Banking opportunities to indirect lending partners.
John Sullivan, IT Director of Bank Newport, says that thanks to the use of the Sandbox Banking platform, the load on the team is reduced, which makes it possible to more actively and effectively solve tasks that are not routine.
Patrick Gallagher, co-founder and managing partner of Tuesday Capital, called Sandbox Banking the best banking infrastructure startup. The platform can reduce the development time of common integrations by 80% and speed up most digital banking integration projects.
As we have reported earlier, Landytech Secures $12 Million Series B.