Aussie banking platform Constantinople lands $33m Series A funding

Constantinople

Sydney-based fintech start-up Constantinople, which operates a software and operational platform for banks, has secured $33 million (A$50 million) in its Series A funding round.

The funding was led by Prosus Ventures, with participation from existing investors Square Peg Capital, Airtree Ventures and Great Southern Bank.

Founded in 2022, Constantinople’s tech and operations platform is designed to help banks focus more on their business and customers, instead of back-office technology and operations, in a bid to streamline their operations and improve efficiency.

The platform caters to both retail and business banking, supporting a full product suite across transaction banking, payments, cards and lending, as well as mobile and web apps for improved customer experiences. Constantinople also handles operational activities on behalf of client banks, using software and artificial intelligence (AI) for customer onboarding, financial crime monitoring, fraud detection, banking and lending operations, and automated compliance and controls.

The start-up said it is currently supporting its first client – Great Southern Bank, which recently launched its new business bank in the market. The Series A funding round follows Constantinople’s seed round held in May 2022, when it bagged $20.8 million (A$32 million).

With the latest funding, Constantinople plans to expand operations beyond Australia, with a view to enter markets that have a higher number of small, regional banks, specifically eyeing the US. According to SmartCompany, the start-up hopes to be operational in five countries by 2027 and aims to onboard more client banks while increasing its revenue.

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