The Glue, the international Fintech provider of next generation infrastructure for financial institutions today closed a capital increase of 5 million euro led by Swiss and Silicon Valley based Polytech Ecosystem Ventures and its existing investors.
During the last two years, a team of 50 software engineers worked on building a truly modern, international next generation infrastructure that allows financial institutions and insurance companies to become active players in a fast moving mobile and digital landscape. The solution “glues” front-end channels and API-ecosystems to existing banking systems and supports the rapid creation of new products and offerings. Rich digital banking services, accelerated integration and innovative data capabilities are key drivers in the design of The Glue’s product.
“2016 has been a very intense year which we successfully concluded with the official release of our first product version, the on track implementation of our framework at a key reference client and the completion of our 5 Mio funding round“, states Jürgen Ingels, The Glue’s co-founder and founder of Clear2pay. In 2017, we aim at expanding our client base with a focus on Europe and the US and continue to invest in our software solution.
According to Guillaume Dubray, Managing Partner of Polytech Ecosystem Ventures: “Over the last few years, we have been witnessing the difficulty for banks to integrate fintech solutions on top of their legacy systems and we have been actively looking to invest in a solution that would solve this problem. Not only The Glue is the perfect solution to solve this big pain in the market, The Glue is also backed by an amazing team of experts and serial entrepreneurs”.
Stefan Dierckx, The Glue’s co-founder states: “We are particularly honored and delighted that a leading VC has opted to work with us. On top of the investment by Polytech and the exiting investors we also received a state subsidy of €850k for the development of our core platform. We currently see strong traction with our technology and are convinced financial institutions will invest heavily in integration of their legacy systems to make them digital proof”.
About Polytech Ecosystem Ventures
Polytech Ecosystem Ventures is an early stage VC firm with permanent presences in Switzerland, Silicon Valley and Luxembourg. The fund invests in companies participating in the digital transformation of industries such as financial services and provides its portfolio companies with a bridge between Europe and the USA.