ING spin-out Cobase, a provider of multi-bank treasury management services, has raised €10 million in funding from Nordea and Crédit Agricole CIB.
The proprietary Cobase platform provides an account aggregation service for companies with multiple banking accounts. The platform arranges direct connections with banks, and uses Open Banking APIs or existing networks like Swift to route payments and account information. Besides bank connectivity, key features include a central Payment Hub and various cash management and treasury management modules.
The firm says it intends to use the cash injection to further expand its network of connected banks and welcomes Nordea and Crédit Agricole CIB as commercial partners.
Jorge Schafraad, founder and CEO of Cobase, says: "Currently, our clients are large corporates, mainly from Western Europe. We are already connected with more than a hundred banks from all over the world. Banks can choose to embed our technology in their systems and offer our solution under their brand to their clients."
Cobase was incorporated in 2017 after a successful start in an ING accelerator programme in 2016 in which the concept was tested through prototyping, customer interviews and market research.
Benoît Legrand, chief innovation officer and CEO of ING Ventures comments: “Cobase has all the makings of a fintech success story. They are a great example of how we innovate at ING and help companies we invest in to become successful. Their multi-bank platform is a great concept. Cobase is now entering its scale-up phase.”