Gravity, a British neobank focusing on SMEs, has chosen Finastra’s cloud-based core banking solution Fusion Essence in order to support its launch in the UK.

The selection of Fusion Essence, which is built on Microsoft’s Azure platform, is said to have been driven by the tool’s open end-to-end capabilities.

Finastra general manager of retail banking Anand Subbaraman said: “With the cloud’s lower-cost operating model and speed of deployment, Gravity will be able to immediately benefit from Fusion Essence and differentiate its services from traditional banks.

“The cloud-based solution has been built to serve the unique needs of this market, enabling the bank to focus on more strategic growth and achieve timely return on investment.”

According to the vendor, Fusion Essence will enable the bank to diversify its product line-up and grow its business at scale. The solution is also said to address security concerns.

At the same time, the neobank will be able to facilitate open innovation through integration with

Gravity chairman Tim Brooke said: “Small businesses in the UK continue to struggle when it comes to choosing a bank that can support their needs. Traditional banks are failing to keep up with the agility these firms require and instead restrict their access to capital, stifle them with bureaucracy, and provide little or no support.

“By partnering with Fusion Essence in the cloud we will bring to market an agile, customer-oriented service that will make business banking fairer and simpler.”

Last month, UK-based digital challenger revverbank too opted for Fusion Essence.