Bank system start-up Trapedza secures €2.1m funding

Bank system start-up Trapedza secures €2.1m funding

Trapedza Financial Systems, a banking systems start-up established by former Kindle staffers, has secured €2.1m in first round funding led by Bank of Scotland (Ireland), with Enterprise Ireland and the Dublin Seed Capital Fund also participating.

Established in February 2001 by ex-Kindle Banking Systems executives Brendan Aherne, Cormac Flanagan and Ronnie Nolan, Trapedza currently employs 7 people in Dublin and 25 software developers in India. The company's flagship product, BankFusion, is an enterprise banking system that has been developed exlusively in Java using application server and Web services technologies.

"We felt we had identified a need for a completely new approach to banking software systems,” says Brendan Aherne, CEO of Trapedza, announcing the funding.

"We are delighted in the current environment in particular, to have secured this funding which will allow us to finish the product and achieve our initial sales," he adds.

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