Financial Services

Cloud-based Banking Startup bancX Secures Funding

bancX, a Johannesburg-based cloud platform has secured an undisclosed amount of funding from Capitec-backed investment firm Imvelo Ventures which will assist the startup to hasten the expansion of its experiential cloud-based banking platform in Africa and globally.

“We are very excited to conclude this investment with Imvelo who specializes in funding and advising high-growth fintech, as we embark on our growth aspirations. We are exploring multiple ways to work with our shareholders and partners to build out the next generation of cloud banking technology, not just in Africa but globally,” said BancX CEO David Rogers. 

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Why The Investor Invested

According to Imvelo Ventures, the capacity of bancX to equalise financial services made it easier for the startup, which has growth aspirations to expand beyond Africa, to receive funding from the venture capital firm.

“We’ve backed a highly-experienced, passionate and driven leadership team with a robust and uniquely differentiated technology platform, that offers our corporate partners attractive investment opportunities which we believe are able to drive inclusive growth in the South African economy through solutions that address current problems faced by consumers and society and that challenge the status quo,” says Anton Baumann, executive director at Empowerment Capital and Imvelo Ventures.

For Wim de Bruyn, CIO at Capitec Bank, investment in bancX is mostly because of its team.

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“Capitec is excited to partner with such a strong team. They are experts in the next wave of fintech banking technologies such as cloud, micro services and event-driven architectures. BancX offers an end-to-end capability, combined with a marketplace of partners, to rapidly and cost-effectively bring innovative, data-driven, API configurable solutions to market. This will enable us to push the boundaries of data, AI and digital core banking infrastructure.”

Imvelo Ventures is a venture capital investment company backed by South Africa’s Capitec Bank.

Read also: FirstCheck Opens A Funding Platform To Support Women In Tech In Africa

A Look At What bancX Does 

Founded in 2017, the bancX cloud platform is used by fintech firms, banks and companies that offer digital, innovative financial services with data, and customer experience at the heart of their value proposition.

“We wanted to bring modern software technology to banking to unlock the power of the cloud, data and agile processes to deliver flexible, powerful, experiential and affordable banking and financial services capabilities that our customers can easily plug into. These features and the architecture to deliver them are engineered into the bancX cloud platform from the experiential layer to the core,” BancX CEO David Rogers said. 

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