According to a source from BusinessWire, Pollinate started an investment round with golabl industry leaders such as Mastercard, Motive Partners and EFM Asset Management (EFM) and has raised £60 million in funding so far.
Many payment companies have been challenging banks for their direct merchant relationships. Pollinate is helping banks stand their ground and compete against those disruptors through cloud-based platforms. Pollinate offers banks a better way to deal and communicate with their clientele. The platform is generally here to make a consumer’s digital experience better.
Commenting on the announcement Alison Rose, Deputy CEO of NatWest Holdings and CEO of Commercial & Private Banking at RBS said, “I am hugely excited to announce the creation of a global merchant services company with Mastercard, Motive Partners and EFM Asset Management. Partnering with such high-quality companies, each of us bringing unique expertise and skills, allows for a truly international offering, benefitting not only our customers but the wider merchant acquiring space. We are committed to continually improving the products and experiences that we deliver to our customers, and the creation of Pollinate represents an innovative and successful approach of working with partners to do this.”
Jeff Emmanuel, Chief Investment Officer and Founder of EFM added: “As technology companies around the world are reimagining the delivery of financial services, a number of fintech ‘enablers’ have recognised the opportunity in bridging technological innovation, and the distribution scale and brand value of the largest financial institutions. Our disruptive fintech fund seeks opportunities through investment in dynamic companies which leverage their capabilities to deliver improved customer outcomes. Through combining machine learning with a unique ecosystem of data assets, Pollinate offers banks an exciting new service proposition for their customers. We are delighted to be backing this great team, and through our board participation, look forward to leveraging our network and experience in the space to maximise the opportunity.”
Al Lukies, Pollinate CEO and Co-Founder said: “Retail banks around the world are facing common issues, but they remain the only ones in the payment chain who can connect directly with both merchants and consumers. They are therefore best placed to help SME’s process transactions, support their balance sheets, and grow their businesses, creating a virtuous circle between the bank, merchants, and consumers. As we know consumers increasingly expect a more personalised service from the businesses they interact with, regardless of their size, so at its heart Pollinate is about relationships and growth through connection – our platform enables relationships to be strengthened through fantastic digital experiences, and real-time data processing analytics and integrations.”
“Technology is making our everyday easier and more accessible. For small business owners, it’s critical to separate the potential from the performance. That’s why we’re involved with Pollinate” said Ajay Banga, President and CEO of Mastercard. “Each of the partners brings its know-how, insights and technology to provide banks with real, tangible solutions that enables business owners to deliver the best customer experience.”
“Our partner, Royal Bank of Scotland, has unique experience within the Merchant Services space and is perfectly positioned to roll out the Pollinate platform to small business across the United Kingdom. We are delighted to have a role alongside such an esteemed investor group, and we look forward to working with the Pollinate management team and our international ecosystem to building value for our partners, and ultimately SMEs and consumers.” – Rob Heyvaert, Managing Partner at Motive Partners.
Pollinate is managed by a group of professional executives from various industries including the Payments, Technology and Loyalty industries.
