Plumery Raises $4.5 Million to Help Banks Stay Competitive by Building and Launching a Modern Customer Experience with a Unique Platform
Plumery, a new-generation platform that allows banks to improve their digital banking experience through pre-built functionalities and features that can easily be integrated into new and existing bank applications, has raised $4.5 million in a seed funding round to help transform the banking industry. Through this technology, banks will have the ability to deploy new features and services at a fraction of the time and cost, eliminating a process that can typically take 12 to 18 months to launch.
Today, a challenge many traditional banks face is the ability to continuously improve and innovate their user experience for customers given their current platform architecture and analytic capabilities. Meanwhile, fintech companies which include digital banks are able to move quickly and improve their mobile applications more frequently than most traditional banks.*
To help banks tackle these challenges and build a competitive edge, Plumery has developed a platform that provides three key components. The first is the technology required for banks to launch a web and mobile product. By using Plumery’s platform, financial institutions will have the ability to integrate readily available features and services into their software rather than starting from scratch. The second part of this platform will provide developers with the tools they need to build improvements at the speed of fintech companies while ensuring the required level of security and compliance is met. The last piece of the platform is focused on data capabilities which will allow banks to better understand their customers’ needs, implement delightful mobile and web experiences, and continuously improve and innovate their service.
Leading the company is Ben Goldin, former CTO and CPO of Mambu, a cloud banking platform. Goldin was also the first Chief Architect of Backbase and has more than 20 years of experience building innovative technology for banks and other financial service companies.
“The banking industry has changed and continues to evolve every day. Today, consumers are looking for a seamless digital onboarding and customer experience, continuous product improvements that are personalized, and reliability when it comes to their bank. However, many traditional banks aren’t able to make these changes as easily as one would think which is why it’s essential that we build a next-generation platform. This will level the playing field for all banks and allow them to continuously improve their platforms and offer customers the best experience possible,” said Goldin, CEO of Plumery.
Goldin’s vision of transforming the banking industry is also shared with many investors who are backing the company in this round of funding.
“Plumery’s approach provides value not only to traditional banks but also to the new challengers that often face the risk of spending exorbitant amounts on development costs without yielding significant results. Ben’s exceptional understanding of both the agility demanded by today’s technology and the long-term stability required in banking make him an ideal partner for any modern financial institution. The product-founder fit is second to none,” said Jonathan Userovici, General Partner at Headline.
Better Tomorrow Ventures who co-led the round agrees that there’s a need in supporting all financial institutions’ transition toward digital-first propositions.
“Fintech is continuing to evolve and grow, but at the same time, we believe that traditional banks and financial institutions will continue to play a major role in supporting and growing the ecosystem. Plumery helps them put their best foot forward while also ensuring that the customer always wins,” said Nihar Bobba, Principal at Better Tomorrow Ventures.
The funding will be used on product development as the team collaborates with a close set of initial customers and hiring. A publicly accessible version of Plumery is expected to launch later this year on a subscription-based model. Participating investors in this round include Seedcamp, Cocoa Ventures, Didier Valet (Former Deputy CEO of Société Générale Group), Ricky Knox (Founder of Tandem Bank), and Alan Morgan (Senior Partner at McKinsey and Company and responsible for the Financial Services industry).
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