The round was led by Coatue, and featured participation from both Goldman Sachs and Mastercard. Canaan, B Capital, XYZ Ventures, and angel investors including former Morgan Stanley CEO John Mack were also involved in the round.
“The ongoing global pandemic and renewed focus on societal inequities make Bond’s mission of driving financial innovation and inclusion more important now than ever before,” Bond CEO and co-founder Roy Ng said in a statement. “Opportunity starts with access. We look to lead the industry in enabling banks and innovators across industries to level the playing field for consumers and small business.”
Bond offers banks a suite of developer-focused APIs and SDKs that remove friction from many of the critical processes involved in bank-brand partnerships, such as onboarding, technical integration, and product monitoring. Bond’s AI-enabled technology centralizes and streamlines these processes, and uses automation to provide oversight and ensure compliance.
“Today, more than ever, speed to market with a proven, reliable product is a competitive advantage,” explained Sherri Haymond, EVP, Digital Partnerships, Mastercard. “Bond provides an entirely new approach to help its fintech and bank partners deliver for the end user. We look forward to working with them as they move to this next stage.”
In a blog post discussing the announcement, Ng articulated the challenge facing smaller regional banks and community lenders when they try to forge partnerships with technology companies. He blamed a wide variety of factors – from compliance to operational constraints – for making it difficult for these partnerships to even “get off the ground.” This, Ng said, is where Bond comes in. “Rather than have every app and every bank recreate the wheel for each new partnership, Bond now does the hard work in the middle so banks and brands can each concentrate on what they do best,” he said.