Fintec Labs closes R65mil Series B funding round
Stellenbosch-based Fintec Labs today announced the close of their R65 million Series B funding round, led by Absa Bank and Fintec Ventures.
The company specialises in B2B platform building in the Financial Institution market and has recently gone public with its flagship product – OptiCollect - which was built in collaboration with Absa’s Corporate Product team and its corporate banking clients.
Fintec Labs also announced that the funding round detaches the company from Absa Bank, which will now only provide funding and BankServ sponsorship.
“The deal gives us the opportunity to expand our services to all clients, regardless of where they bank” says Daniel van Tonder, co-founder and CEO.
“This is a highly innovative deal by the Absa team in that has afforded us - as a new player - access to cheaper funding while still giving us the freedom to sell independently”
Fintec Labs said in a statement that the funds will be used to expand its offering to more clients and build an array of ancillary products. The company is also expanding into the Insuretech sector.
About Fintec Labs
Located in Stellenbosch, the Fintec Group consists of Fintec Spaces (a co-working space for the larger fintech ecosystem and one of the largest in Western Cape), Fintec Accelerator (where corporates and startups solve real-world problems in Hackathon events and 12 week Accelerator programmes), Fintec Labs (B2B platform builder and operator) and Fintec Ventures (early stage investments in South African Fintech startups).