Banking technology vendor Victor has raised $6m in a seed funding round from MVB Edge Ventures to accelerate the launch of its APIs and Vantage risk management platform.
Founded in May 2021, Victor’s team has built and released a suite of APIs to move money through ACH, wire and internal transfers.
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It has also built a virtual account ledgering solution, which is said to support ‘instant’ virtual account creation via API.
Victor plans to use the funding to expand its product portfolio to include push-to-card payments and virtual card issuing.
The investment will also be used to accelerate Victor’s Vantage, a suite of risk management tools for banks.
Vantage is aimed at allowing banks to onboard various types of fintech clients that operate in markets such as gaming, payments, banking-as-a-service and digital assets.
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By GlobalDataIt also claims to provide improved oversight and monitoring on a single platform.
MVB Bank chief risk officer John Marion added said: “Victor’s focus on building the right tools for banks like MVB to seamlessly onboard, conduct due diligence and oversee with Vantage is a game-changer for us. The ability to move as quickly as our fintech partners while remaining compliant is something we are very excited about.”
Victor head of strategy & operations Maf Sonko said: “The true potential of bank-Fintech innovation can only be realized if banks have the right technology to manage and move as quickly as technology companies and do it in a compliant and scalable way.
“The inefficiencies in back-office operations to support fintech programs have largely been ignored by existing banking-as-a-service platform providers. This is a gap in the market and slows down innovation in new business models.”
