Pollinate Raises $50 Million To Enter North American Market

Pollinate has raised $50 million to bring its software business to North America and to expand its platform technology, according to a press release emailed to PYMNTS Thursday (March 18).

London-based Pollinate is in advanced talks with several banks in North America already, according to the release.

The Series C funding round was led by Insight Partners, and also included investments from its existing investors, Mastercard, NatWest Group, National Australia Bank (NAB), Motive Partners and EFM Asset Management.

Pollinate has created an alliance of noncompeting banks, and its platform helps them offer small to medium entrepreneurs (SMEs) access to capital, payment acceptance capability, digital loyalty programs and marketing insights and tools—things that are “critical” to SMEs, according to Al Lukies CBE, CEO and founder of Pollinate.

“SMEs are the lifeblood of economies globally. They are the job creators, the innovators, and the brave explorers that simply find a way to make things work,” Lukies said in the release.

Banks must keep up with SME’s expectations and needs as they rebuild, the press release noted, adding that their regeneration can lead to a “high rise and burn rate.”

“Following the pandemic, the banks have the opportunity to lead the regeneration of the SME economy but they must move quickly,” said Emmet B. Keeffe III, Operating Partner at Insight Partners and Founder of Insight IGNITE, in the release. “The Pollinate platform creates white-labelled digital marketplaces for the business customers of the world’s largest banks.”

Banks have to move and adapt quickly in today’s rapid digital shift, Lukies told PYMNTS in a recent conversation. And they need to collaborate, rather than compete, to continue to meet SME’s needs.

“This investment round,” said Al Lukies CBE, CEO and Founder of Pollinate, in the release. “is a statement of confidence in the banks – that they can fight back against new entrants and win, all while supporting the vital work of SMEs.”