In this round, Paris based venture capital firm IDInvest Partners was followed by Smartfin Ventures (European venture capital fund investing in fast-growing technology companies) and the existing shareholders.
Over the last three years, a team of approximately 50 experts in The Glue have created a solution that facilitates the rapid creation of new digital products that “glues” front-end channels and API-ecosystems to existing core infrastructure of financial institutions.
On top of building bespoke solutions in various domains ranging from capital markets, life insurance and accounting, The Glue allows banks and insurers to incubate and subsequently grow pilot innovation projects. In both of these implementation models, the added value and acceleration effects of The Glue product are clearly demonstrated. For this reason, several tier-1 banks and insurers in both Europe and Asia have already chosen The Glue as their trusted technology partner.
“We are very excited that these leading VCs have chosen to support our journey and vision. This capital injection will be used to support our international expansion (Europe and Asia) and for continued investment in R&D. This new round brings the total capital raised close to €13mio”, says Stefan Dierckx, The Glue’s co-founder.
The Glue’s co-founder, Jurgen Ingels, also chimes in that “IDInvest Partners formerly also invested in Clear2Pay. We are thrilled to build a technology company together again and scale it internationally”.
“We are excited to support the continuous growth of The Glue” says Luc Maruenda, partner at IDInvest. “We believe in The Glue’s unique innovation platform that has the power to drive large scale digital transformations in the financial industry.”
About IDInvest Partners
The mission of Idinvest Partners, a European leader in financing small and medium-sized enterprises, is to fund European businesses at various stages of growth. With almost €8 billion under management, they are able to harness a range of complementary solutions to help businesses grow quickly and provide equity and private debt investment, both directly and via private equity funds.
About Smartfin Ventures
SmartFin Ventures is an early stage venture capital fund that invests across Europe with a focus on Benelux, Northern Europe and Israel.
They focus on companies developing smart technologies for the financial industry and related technologies such as security, big data, analytics, artificial intelligence, and enterprise software.
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.