Pollinate, a UK-based fintech that enables banks enhance offerings for business customers, has closed a $50m Series C funding round.

The round was led by Insight Partners. The company’s all existing investors including NatWest Group, Mastercard, National Australia Bank (NAB), EFM Asset Management, and Motive Partners also participated in the round.

Pollinate plans to use the proceeds to support its global expansion as it seeks to expand to North America.

A portion of the funding will also be used to accelerate the expansion of Pollinate’s white-label marketplace offering.

Pollinate founder and CEO Al Lukies said: “It is our passion to work with leading banks and dynamic merchants around the world.

“This investment round, led by the outstanding team at Insight Partners and supported by our existing shareholders, validates our mission, and is a statement of confidence in the banks – that they can fight back against new entrants and win, all while supporting the vital work of SMEs.”

Pollinate formed as a company in October 2019 to provide small businesses with necessary tools to support growth.

The banks can use the Pollinate platform to provide SMEs with access to capital, ability to take payment and digital loyalty schemes.

The business can also access marketing tools and insights through the platform.

Based in London, Pollinate now has more than 100 employees.

Insight Partners operating partner Emmet B. Keeffe III said: “Following the pandemic, the banks have the opportunity to lead the regeneration of the SME economy but they must move quickly.

“We’re proud to support Pollinate as they develop their global alliance of non-competing banks, and look forward to seeing the company continue its impressive growth in the years ahead.”