FinTech infrastructure firm Brim Financial has raised $85 million in a Series C funding round.
“This funding will accelerate Brim’s growth and fuel our international expansion,” Rasha Katabi, CEO and founder of Brim Financial, said in a news release Wednesday (April 3).
She added that the funding will help Brim “continue to execute on our robust product roadmap, focus on platform automation, and integrate open banking capabilities. Brim aims to redefine the credit card and payment infrastructure landscape and empower our customers to succeed in a rapidly changing environment.”
According to the release, Brim’s platform and product suite lets financial institutions, FinTechs and large international brands run and evolve their product platforms to meet customer and market needs. The company says its technology lets these clients decrease time to market while reducing the cost and challenges that come with building and maintaining advanced capabilities on their own.
The release notes that since conducting its Series B round, Brim Financial has achieved a few different milestones, including its recent partnership with TrueNorth to offer a credit card-as-a-service platform to banks, FinTechs and major brands in the United States and Canada.
The partnership brings together the capabilities Brim with those of TrueNorth, a professional services organization that implements digital solutions for the financial services industry.
“Through this partnership, TrueNorth will co-invest in creating dedicated Brim delivery expertise, as well as assets and accelerators, including pre-integrations, methodologies and best practices to increase project predictability and speed to market,” TrueNorth CEO Alex Gonikman said in a news release.
And in December, Brim teamed with Mastercard, with the companies saying they were working to modernize credit card infrastructure in the United States and innovate credit card platforms.
“There is significant momentum happening now in the U.S. market when it comes to innovating credit card infrastructure across consumer, small- and medium-sized business and commercial segments,” Katabi said at the time.
Elsewhere in the open banking space, PYMNTS discussed the gap between the promise of open banking and making it a reality in a recent interview with Shadi Saifan, vice president of engineering at NCR Voyix.
He noted that in Europe, regulators and governments have played a key role in advancing open banking and its principles. By contrast, “the approach that the United States has taken has been an industry-led approach,” Saifan told PYMNTS.