02 Apr 2024
Prosus Ventures leads USD 33m Series A investment in Australia-based banking platform Constantinople
April 2, 2024, Sydney, Australia – Constantinople, the Sydney-based tech and operations platform for banks, has raised a A$50m (US$33m) Series A round. The round was led by Prosus Ventures, the venture capital arm of Dutch-listed global tech firm Prosus, alongside existing investors Square Peg Capital, Airtree Ventures and Great Southern Bank.
Constantinople enables banks to focus more on customer relationships and banking business by using Constantinople’s tech and operations platform.
Constantinople’s platform covers both retail and business banking, supporting a full product suite across transaction banking, payments and lending, and mobile and web apps for improved customer experiences. Constantinople also handles operational activities on behalf of client banks, using software and AI for customer onboarding, financial crime monitoring, fraud detection, payment and lending ops, and automated compliance and controls. The company’s platform is an entirely new software category aiming to fundamentally change and improve a bank’s operating model.
Constantinople’s platform is currently supporting its first client bank, Great Southern Bank, which recently launched its new Business Bank in the market. Constantinople is partnering with other clients in Australia and has recently expanded its team into New Zealand.
Constantinople currently has around 100 employees and plans to use the new capital to build its team and expand platform capabilities. Constantinople previously raised an A$32m (US$22m) seed round from Square Peg, Airtree, and Great Southern Bank in April 2022.
Commenting on Constantinople’s Series A raise:
Sachin Bhanot, Head of Investments, SEA & ANZ, at Prosus Ventures, said: “We are delighted to lead Constantinople’s Series A round. From the first time we met Mac and Di, we were convinced that Constantinople is solving one of the largest problems in financial services, namely how incumbent banks can transform themselves to better meet the needs of their customers in a digital and AI world. Constantinople’s track record of execution is remarkable, and we are thrilled to partner with Constantinople as it sets its sights on transforming the global banking landscape.”
Paul Bassat, Co-founder and Partner at Square Peg Capital, said: “We are incredibly excited to continue backing Mac and Di on their ambitious vision for the future of banking. Constantinople is a standout company with all the ingredients for global success: amazing founders, an incredible team with experience scaling global platforms, and a phenomenal track record of disciplined and fast execution.”
James Cameron, Partner at Airtree Ventures, said: “With Mac and Di at the helm, Constantinople is building an exceptional team with deep domain expertise and technical know-how. This team, which has executed with incredible rigour and speed, continues to be their greatest advantage as they transform and simplify how banks run and operate. They’ve got a big and bold vision that has our backing, going above and beyond the existing point solutions in the market to fundamentally change a bank’s operating model through software.”
-ENDS-
About Constantinople:
w: www.cxnpl.com
Contact:
Constantinople: Ned Loneragan | [email protected]
Investors:
Prosus Ventures: Poonam Thakur | [email protected]
Square Peg: Maria Catanzariti | [email protected]
AirTree: Bree Fedele | [email protected]
Great Southern Bank: Michael O’Toole | [email protected]
About Prosus
Prosus is a global consumer internet group and one of the largest technology investors in the world.
Operating and investing globally in markets with long-term growth potential, Prosus builds leading consumer internet companies that empower people and enrich communities.
The group is focused on building meaningful businesses in the online classifieds, food delivery, payments and fintech, and education technology sectors.
Through the Prosus Ventures team, the group invests in new technology growth opportunities within logistics, fintech, health, blockchain, social and ecommerce platforms, agriculture and more.
The team actively backs exceptional entrepreneurs who are using technology to improve people’s everyday lives.
Each month, more than 2 billion customers across the globe use the products and services of companies that Prosus has invested in, acquired or built. To find out more, please visit www.prosus.com