Embedded Finance Platform Company Raises $50M to Expand
A New York-based embedded finance platform company has raised $50 million in a series B funding round.
The financing for platform company Alviere came from existing investors Viola Ventures, Viola Fintech CommerzVentures and North Coast Ventures and included Opera Tech Ventures, the venture capital arm of BNP Paribas.
This capital is intended to be used to accelerate go-to-market plans and expand beyond North America to Europe and Latin America.
The investment follows a series A round from April 2021, which was led by Viola Ventures and Viola Fintech, with participation by CommerzVentures, Mitsubishi Capital Corporation, Wix.com Capital, Draper Triangle Ventures, Cross River Bank Capital and CERCA Partners.
Embedded finance protocols connect existing banking and payments to external ecosystems such as Internet of Things (IoT) devices. In the case of Alviere’s Hive brand, this includes currency exchange to retailer gift cards, savings bank accounts and international money transfers.
“The embedded finance revolution is shifting the face of banking, lending and insurance away from traditional centralized big players to new entrants, led by established consumer brands and enterprises.” said Omry Ben David, general partner at Viola Ventures.
