Norway's DNB has invested £3 million for a five percent stake in a new digital banking toolset developed by consultancy 11:FS.
Built to help banks bring digital services to market faster, 11:FS Foundry can be deployed in a modular fashion or as a full-stack legacy replacement architecture.
DNB will be the first client for the Foundry, using the platform to expand its lending capabilities.
Rasmus Figenschou, group executive vice president for new business at DNB, says: "The first task for this partnership will be to see if we can optimize the value chain for unsecured credit at DNB."
David Brear, CEO of 11:FS, adds: “We wanted a partner to match our aspirations, who was looking to build the next generation of banking services. 11:FS and DNB are perfectly culturally aligned in our belief that digital banking is just one percent finished and we are going to put in the work to improve this. We could not have found a better launch bank and initial investor for 11:FS Foundry than DNB."