VentureIsrael News

TenureX Raises $5M in Seed Funding Round

Portfolio Companies VentureIsrael News
TenureX, the Next Generation Platform for corresponding banking as a service, announced today a successful Seed Series round of $5M. The round was led by Fintop Capital (together with its JV: JAM & Fintop), with additional participation from Chris Adelsbach, Jason Henrichs, Nissim Bar-El, Tom Brown, Rob Frohwein, Kathryn Petralia, Jonathan Ebinger, Ehud Arad, and Roman Regelman, in addition to existing investors, including VentureIsrael, and Hack VC.

TenureX is building a Platform for financial institutions and small-medium banks that enables them to co-operate with each other seamlessly and confidently, one transaction at a time without any adjustments, risk, or cost. The platform frees banks and other types of financial institutions from the constraints of rigid and complex corresponding banking relationships. By offering a seamless, "one to many" on boarding process and an X-Ray view on each transaction through an easy-to-operate digital pre-validation and acceptance protocol, TenureX enables its customers to seamlessly, securely, and confidently connect and cooperate with other banking partners, by way of an API or a web portal.

TenureX puts the transaction at the center and has reimagined the way small-medium sized banks and other types of financial institutions view corresponding banking from an institutional level, trust based, to an objective single transaction level.

The company's hyper growth over the last year has been driven by forward thinking financial institutions from the US and Europe (first adopters) who have for too long experienced the lack of innovation and legacy model governing this banking service.

TenureX aims to allow its customers to improve, streamline, and ultimately expand their domestic and cross-border wire transfers execution capabilities with current and future banking partners over a reliable and controlled digital network. 

TenureX's Platform creates a new workflow and validation process based on enhanced unified data sets to enable pre-validation capabilities (Know Your Transfer) for every transaction, programmatically and at scale. The TenureX platform brings a new level of data quality and "up-to the-minute" accuracy to the industry. TenureX's protocol and novel approach offers financial institutions, regulated fintech and small-medium banks a higher-certainty at a lower cost, and an alternative to messaging systems, which tend to charge expensive fees without facilitating the relationship and without reducing the risk.

The company plans to use the investment to further accelerate its network growth, adding more members to the network, each of which will improve the validation, quality, and coverage for all members. This flywheel effect will drive further value for the network's existing members, improving data coverage and accuracy.