With capital from Canaan and Coatue, Bond is creating a new platform category to accelerate fintech innovation, enabling brands to partner with banks through efficient, compliant and scalable technology
SAN FRANCISCO, Aug. 27, 2019 /PRNewswire/ -- Bond Financial Technologies Inc., a company building an enterprise-grade financial technology platform, has raised $10 million to accelerate the pace of fintech innovation, connecting digital brands to banking partners without so much of the friction that beset early adopters in the fintech sector. The seed round was led by Canaan, with participation from Coatue and angel investors including Sarah Friar, Steve Frieberg, Ryan Peterson and Eric Yuan. The funding will support Bond's development of its ML-powered platform and expand its reach with banks, fintechs and brand partners.
"Until now, the friction between brands and banks has stifled the pace of financial innovation and access to capital," said Roy Ng, co-founder & CEO of Bond. "Bond enables banks of all sizes to more effectively compete for and partner with technology innovators, ultimately improving access to capital for everyday consumers and businesses."
Bond aims to be a growth engine for digital brands that want to provide access to capital to their customers, and banking partners that want to grow by providing the underlying financial services as the fintech revolution accelerates.
"Bond is set to become a category-defining platform," said Michael Gilroy, Partner at Canaan. "We've long believed that eventually all brands will become fintechs, and yet no solution today is compliant, scalable and makes fintech innovation efficient for brands and banks alike. We're thrilled to partner with Roy and this team of industry veterans to build this platform. As the first institutional investors in Lending Club, Canaan has been deep in fintech since its earliest days and we're proud to have incubated this all-star team."
Thomas Laffont, co-founder of Coatue, said, "Bond will empower a new wave of banks and brands, big and small, to open up whole new markets. We're excited by Roy and this team of industry veterans who have come together to build this platform, re-define the fintech ecosystem and provide a new model that reshapes how banks, brands and regulators can work together to promote financial services innovation and inclusion."
The three co-founders include Ng, Matt Bradley, VP of Technology and Yan Wu, VP of Data Science & Operations. This trio are former executives from BlackRock, Goldman Sachs, SAP, SoFi, and Twilio, with expertise in developer platforms, fintech, artificial intelligence and data science. Ng is a seasoned software executive who was previously Twilio's COO, and more recently President and COO of Mapbox. He also spent his early career in banking at Goldman Sachs. Bradley was previously a founding member and VP of Machine Learning at Synapse, EIR at the Founder Institute and holds a Ph.D. in Mathematical Sciences and Statistics. Wu spent 15 years at the intersection of technology and financial services, notably having served as Head of Data at SoFi and VP of Analytics at BlackRock.
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About Bond Financial Technologies, Inc.
Bond's mission is to accelerate the pace of financial innovation and access to capital. The company's enterprise-grade financial technology platform streamlines the integration between brands and banks, dramatically reducing friction and creating a more repeatable model. Through its AI-powered infrastructure, Bond enables digital brands to better engage their customers by offering personalized and compliant banking products. Bond's founders are former senior executives from BlackRock, Goldman Sachs, SAP, SoFi, and Twilio with expertise in developer platforms, fintech, artificial intelligence and data science. Bond raised a $10 million seed financing from Canaan and Coatue. For more information, visit www.bond.tech.
Canaan is an early stage venture capital firm that invests in entrepreneurs with visionary ideas. With $5 billion raised over eleven funds, Canaan has invested in some of the world's leading technology and health care companies over the past 30 years with nearly 200 exits. Canaan's focus areas include fintech, SaaS, marketplace, e-commerce, biopharma, digital health and medtech. To learn more about our people and our portfolio, please visit canaan.com.
Coatue, founded by Philippe Laffont and Thomas Laffont in 1999, is one of the largest dedicated technology funds in the world with offices in New York, Menlo Park, San Francisco and Hong Kong. Coatue currently manages approximately $17 billion in assets on behalf of individuals, endowments, foundations, and other institutional investors.