Cobase raises funding from Nordea, Credit Agricole
Cobase, an Amsterdam-based fintech spun off from ING, has raised 10 million euros ($11.4 million) in a Series A funding round from Helsinki-based Nordea and Credit Agricole CIB.
Cobase provides a platform that allows companies to view account information from multiple bank accounts through a single portal. The funding will be used to continue developing the technology as well as add additional banks to the platform.
The platform lets companies conduct a range of transactions, including treasury management, payments, cash management and other functions. Cobase has secured a deal to work commercially with Nordea, and plans to launch a similar deal with Credit Agricole.
"Cobase has built a platform that connects banks via APIs, host to host connections or SWIFT," Jorge Schafraad, founder and CEO of Cobase told Mobile Payments Today via email. "For each bank the most appropriate way is determined. Clients can log onto our portal and connect their ERP systems to the platform, so they get a fully harmonized control over their banks and bank accounts."
The company has mainly been focused on Western Europe, but plans additional expansion in Europe and overseas.