Barcelona-based Hubuc has become the latest embedded finance player to raise funding, closing a $10 million seed round co-led by WndrCo and Runa Capital.
Calling itself the "AWS for financial services", Hubuc promises to enable any business to add managed financial services - from bank accounts to payments, virtual and physical cards as well as real-time FX rates and digital wallets - to their product offering, all through a single API.
The firm says it can cut onboarding processes from up to a year to just a few weeks thanks to its in-house compliance, ledger and processing platform. This means that the contracts, knowledge, regulatory requirements, integrations and risk are all managed by Hubuc, allowing its customers immediate access to a full-suite of services at the touch of a button.
Pushing the AWS comparison, the startup says that like the cloud giant it enables its customers to forget about buying computing infrastructure and removes the need to worry about finding banking partners, compliance, card manufacturers, and identity verification.
Launched last year, Hubuc says it has already scaled into 58 territories and secured long-term contracts of more than $4 million across multiple industries.
"Embedded finance is no longer the exclusive privilege of large technology firms. Our vision is to become the platform that enables any company to embed financial services within their products. And we’re doing that by simplifying a hugely complex process and wrapping everything into one contract and one API,” says Hasan Nawaz, CEO, Hubuc.
However, the firm will face competition in an up-and-coming field: just this week, fellow embedded finance players Weavr and Monite have announced their own funding rounds.