Kernolab closes $1 million in a pre-seed for its banking solutions to everyday companies
Today, the Lithuanian startup Kernolab has announced the raising of $1 million pre-seed funding round led by Lighthouse Ventures. Startup Wise Guys has also joined the round having previously invested in the company too. The new capital will be the source for a faster market expansion as well as bring more sales and partnerships to the table.
Founded back in 2019, Kernolab provides businesses with any number of modular unique solutions that allow them to integrate fintech services including payments, accounts, cards, lending, and insurance products into their set of capabilities. While Kernolab is connecting fintech and non-finance businesses it is also making banking and its products simpler, easier and lighter to use. The company can also support businesses with the widest range of financial services, regardless of geography or industry vertical, with its middleware solution.
Co-founder and CEO of Kernolab explained in a statement: “Financial services can blend into any business that has a potential to optimize its operations or generate additional revenues. A logistics company with drivers all over Europe would benefit from simplifying salary payouts by offering its own bank accounts. Starbucks’ card, for instance, has allowed it to classify customers’ pre-loaded cash as ‘stored value card liabilities’, effectively giving itself a 0% interest rate on a $1.6 billion loan. The possibilities are endless and our technology enables any company to benefit,”.
With the new investment, Kernolab aims to boost business development and grow the core team with a series of high-caliber hires, ahead of building a sandbox environment for product development, which will be ‘Stripe-like’ in its emphasis on programmer-friendliness and community-building.
Source: Tech.eu “Embedded finance solution provider Kernolab nets $1 million in pre-seed funding”