Instabase, a US platform startup that helps banks and other firms build business applications from the ground up, has joined the unicorn club after closing a $105 million Series B funding round led by Index Ventures.
Existing investors Greylock Partners, New Enterprise Associates and Andreessen Horowitz, as well as Spark Capital, Tribe Capital, SC Ventures, and Glynn Capital joined the round, which brings Instabase's total funding to $132 million and values the company at over $1 billion.
Founded in 2015, San Francisco-based Instabase has developed a platform that enables clients to build customisable apps for automating different parts of their business. Users visit an app store of pre-packaged business apps for different industries, such as income verification, adverse media analysis, identity verification, trade finance, contract analysis, and financial spreading.
The firm is working with more than half of the top 10 US banks and last year was picked by Standard Chartered to automate its client onboarding, credit documentation, and KYC processes.
The new funding will be used to scale the core platform and recruitment.
Anant Bhardwaj, CEO, Instabase, says: "Today, on your smartphone you have an app store where you can find a dozen apps to have food delivered to your door, but we don’t have an app store where large enterprises, for example, a bank can find an app for income verification; or an insurance company can find an app for processing claims; every such application is custom built. We should wonder — why?"