The fintech has completed the Series A funding round as it accelerates its international expansion, having recently signed deals with organizations such as Emirates.
It plans to raise a Series B later this year, after appointing SenaHill Partners in the United States and SoHo Capital in Singapore.
Volt will also use Verrency’s payments platform and cloud-based services marketplace to commercialize features when it launches its product offering in the second half of the year.
The patented API platform is designed to enable banks and card issuers to provide products and services such as automatic rounding, real-time budget notifications and instant loyalty rewards, without replacing existing infrastructure.
Verency also has a marketplace feature that allows banks to connect to a network of more than 30 partners, including Aimia, DriveWealth, GoodWorld and Raiz Invest.
The company’s founder and chief executive, David Link, said consumers are moving toward experience-driven banking.
“This $10 million Series A investment is a vote of confidence in our technology and positions us well to continue our global growth, increase R&D and strengthen our commercial team,” said Mr. Link.
“The customers we have signed agreements with view our technology as a long-term infrastructure project. We are in an industrial grade layer that builds on their existing technology, which can open the floodgates to a range of innovative partners while protecting their existing investments.
He added that Verrency had a number of potential contracts in advanced negotiations in the United States and Asia.
