Five Degrees raises €22 million to launch new core banking platform

Dutch core banking vendor Five Degrees has raised €22 million to launch a new cloud-native banking platform.

The new funding round, led by Velocity Capital FinTech Ventures, and supported by existing investors Reggeborgh and Atlas Invest, represents the company’s largest capital raise to date.

The new platform comprises a modular architecture that uses microservices to deploy core banking technology for accounts, lending and customer data management.

The firm, which claims over 20 top bank clients – including ABN Amro, TD Bank, Van Lanschot and KNAB – says it is currently in discussions with several launch customers.

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