Dutch bank spin-off Cobase banks €10 million from two other banks for its multi-banking solution
Amsterdam-based fintech startup Cobase, spun out of the Dutch financial services group ING after participating in its accelerator program, has secured €10 million in Series A funding to boost the development of its multi-banking platform and further expand its network of commercial partners.
Cobase offers a single platform for corporate customers to access all their accounts at the various financial institutions with which they do business, also enabling them to integrate their own ERP system(s) into the solution.
To facilitate this, Cobase relies on ‘open banking’ APIs and existing networks such as SWIFT. The company is licensed as a PSD2 payment service provider and supervised by the Dutch Central Bank.
Joining ING as shareholders in the fledgling company are Nordic bank Nordea and the corporate and investment banking part of France’s Crédit Agricole. The former is already a commercial partner of the startup, but the latter is currently still holding out for whatever reason.
Jorge Schafraad, the founder and CEO of Cobase, comments on the financing round: “Currently, our clients are large corporates, mainly from Western Europe. Our strategy is to make Cobase a leading pan-European player in the coming years and then continue to roll out globally. We are already connected with more than a hundred banks from all over the world. We simply follow the needs of our corporate clients.”