Capitec-backed Imvelo Ventures invests in bancX expansion
Capitec-founded investment firm Imvelo Ventures has concluded a capital raise deal with bancX, which will assist the start-up to accelerate the expansion of its experiential cloud-based banking platform globally.
The bancX cloud platform is used by fintech firms, banks and companies that offer digital, innovative financial services with data, and customer experience at the heart of their value proposition.
Imvelo Ventures says bancX’s ability to equalise financial services made it easier to reach funding consensus with the start-up, which has growth ambitions of expanding beyond Africa.
“We’ve backed a highly-experienced, passionate and driven leadership team with a robust and uniquely differentiated technology platform, that offers our corporate partners attractive investment opportunities which we believe are able to drive inclusive growth in the South African economy through solutions that address current problems faced by consumers and society and that challenge the status quo,” says Anton Baumann, executive director at Empowerment Capital and Imvelo Ventures.
BancX CEO David Rogers explains further what motivated the alliance: “We wanted to bring modern software technology to banking to unlock the power of the cloud, data and agile processes to deliver flexible, powerful, experiential and affordable banking and financial services capabilities that our customers can easily plug into. These features and the architecture to deliver them are engineered into the bancX cloud platform from the experiential layer to the core.”
Rogers says the start-up serves customers ranging from banks, mortgage providers, SMEs and retail lenders, to niche lenders and specialised rental service providers, all competing on price and value with fully-digital real-time fintech user experience offerings.
“We are very excited to conclude this investment with Imvelo who specialises in funding and advising high-growth fintech, as we embark on our growth aspirations. We are exploring multiple ways to work with our shareholders and partners to build out the next generation of cloud banking technology, not just in Africa but globally,” he says.
Mark Fitzjohn, executive director at Empowerment Capital and Imvelo Ventures, notes: “What excites us about the opportunity with bancX is their ability to democratise financial services in a manner which optimises the ease and sophistication of access to financial services with the deployment of an intelligent, perfectly digital technology.
“The consumer of financial services in the digital age has every right to expect that financial services serve their needs, as opposed to consumers acting to serve the needs of financial services providers.”
Wim de Bruyn, CIO at Capitec Bank, says the bank is delighted with the opportunity to work with bancX.
“Capitec is excited to partner with such a strong team. They are experts in the next wave of fintech banking technologies such as cloud, micro services and event-driven architectures. BancX offers an end-to-end capability, combined with a marketplace of partners, to rapidly and cost-effectively bring innovative, data-driven, API configurable solutions to market. This will enable us to push the boundaries of data, AI and digital core banking infrastructure.”