The Venture Codex

Participated · Series C · Mar 2021

Pollinate is a global software business that partners with banks to extend relationships with their business customers via a cloud-based toolkit for SMEs. The platform, built with bank-grade privacy and security, ingests data feeds from banks and third-party systems to give merchants a single place to understand, manage and grow their business. It enables banks to offer an SME storefront with access to capital, payment acceptance, digital loyalty schemes, marketing tools and insights. Founded in 2017 and led by CEO Al Lukies CBE, Pollinate works with banks including NatWest Group (powering Tyl by NatWest) and National Australia Bank. The company closed a $50m Series C funding round led by Insight Partners with participation from NatWest, Mastercard, NAB, EFM Asset Management and Motive Partners. Pollinate plans to use the funds for further global expansion and to move into North America. Pollinate is a London-based provider of a cloud-based services platform powering merchant and consumer digital experiences including onboarding, portals and loyalty programs without migrations. The platform enables merchants to manage their businesses with digital tools and data integrations, connect with consumers and give back to local communities. It also helps banks understand and engage with their customers and build relationships with merchants and consumers. The first deployment occurred in Spring 2019 with the launch of the Tyl by NatWest merchant services business, and Pollinate is in advanced discussions with other retail banks worldwide. Available globally through Microsoft Azure, the platform uses Microsoft’s big data and distributed AI platforms, threat intelligence and authentication services. Pollinate has strategic partners and backers including Mastercard, Endava, Motive Partners and EFM, and has raised £60M in funding to date. The business was conceived in 2017 and is led by executives from the payments, technology and loyalty industries including Al Lukies CBE, Jonathan Hughes, Fiona Roach Canning, Tim Joslyn, David Beresford and Anna Moore.

Led · Series A · Mar 2020

QRails is a cloud-based, open API issuer-processor that provides secure, flexible APIs and issuer-processing technology to payroll service providers, fintechs, banks and insurance companies. Founded in 2016 and headquartered in Denver with an office in London, the company launched its processor less than a year ago and has since won significant customer mandates. QRails is about to roll out a white-label earned wage access/instant pay solution across North America, Europe and Australia, and plans to open a Sydney office later this year. With its first customer the company will provide instant access to accrued wages for more than one million hourly employees and estimates the solution could enable up to $20 billion in annual payments when fully deployed. The company has raised $18 million to date, including an $8 million Series A led by EFM Asset Management, and says the new capital will support further growth and global deployment of its product. QRails emphasizes domain knowledge and customer service alongside its technology to serve HCM, workforce capital management and payroll processing platforms.