Australia’s Verrency completes $6.96m Series A, to raise Series B in 2H 2019

Night view of Darling Harbour in Sydney, Australia.

Verrency, a Melbourne-based payments startup, has closed a $6.96 million (A$10 million) Series A round to drive its international growth plans.

According to a statement, the latest round brings the total funds raised to $13.92 million (A$20 million). Verrency did not disclose who its investors were, but Crunchbase data shows that Sydney-based investment fund Alium Capital participated in its Series A round.

Verrency further added that it is on track to raise its Series B round in Singapore and the US in 2H 2019. The company has appointed SenaHill Partners in the US and SoHo Capital in Singapore to handle the fundraise.

David Link, Verrency founder and CEO said: “Consumers are gravitating towards experience-led banking and we help our customers offer new products and services in a cost effective and agile way. This Series A investment of $10 million is a vote of confidence in our technology and leaves us well positioned to continue our global growth, increase R&D and bolster our sales team.”

Based in Melbourne, Verrency operates a patented API platform that lets banks and cards issuers deliver products and services like auto-rounding, real-time budgeting notifications and instant loyalty rewards. It also offers a marketplace feature that allows banks to connect to an ecosystem.

Last year, Verrency signed an agreement with Australia’s first retail-focused neobank, Volt. It has also recently signed agreements with global banks including Colombia’s Banco Davivienda and UAE-
based Emirates.

Verrency currently boasts over 30 partners including names like Aimia, DriveWealth, GoodWorld and RaizInvest.