- Sandbox Banking announced it has raised $4.3 million in funding. These are the details.
Sandbox Banking – a fintech building a low-code integration platform for banking – announced it completed a strategic investment led by Horizon Ventures, bringing the company’s total seed financing to $6 million.
Participating investors include Forum Ventures, SixThirty, and Tuesday Capital. And using the company’s Glyue platform, banks and credit unions can accelerate digital transformation using pre-built API adapters and solution templates to securely connect existing systems with fintech partners. Plus Sandbox Banking’s game-changing API builder platform already empowers teams at over 70 financial institutions across the US & Canada, including Bank Newport, Silicon Valley Bank, United Bank, Choice Financial, and Service Credit Union.
The sales teams at fintech partners like nCino, FIS and Five9 praise the Glyue platform’s pre-existing adapter catalogs responsible for delivering integration and support capabilities across critical customer systems. And fintech partners also love how Glyue’s solution template catalog reduces implementation timelines with its self-service capability for bank staff. With deeper integrations into some of the largest global fintech companies on the 2023 roadmap, Sandbox Banking plans to use this capital to accelerate hiring for new product development and solution delivery capacity.
Since until now there has not been a purpose-built API platform to enhance the collaboration between core banking systems and the cloud-based applications that their business partners want to adopt. And Glyue can reduce development times of common integrations by 80% and accelerate most digital banking integration projects. Through an API builder platform now integrated into their existing systems, banks and credit unions can focus on driving revenue growth via offering BaaS capabilities or API Banking to indirect lending partners or drive balance-sheet efficiency with inter-institutional solutions.
KEY QUOTES:
“The infrastructure and product framework needed to integrate core banking and fintech systems has historically been plagued with complaints of incompatible systems that generate lengthy integration timelines, lack of customization beyond cookie-cutter integrations, and lack of agile support for future changes based on user behavior. Glyue makes this process seamless and more efficient than ever, and will continue to power the next generation of integrated digital banking systems that are unlocking fintech for society. Horizon Ventures and Tuesday are two industry leaders in finding platform solutions that transform industries and we’re thrilled to have them on board as both investors and strategic advisors.”
— Ravi Balasubramanian, CEO of Sandbox Banking
“With the launch of this integration using Glyue, a tremendous amount of work is being taken off of the team, which is a huge win for gaining buy-in and engagement related to our overall transformation efforts. Sandbox allows our internal tech teams at Bank Newport to focus on serving our customer’s needs knowing they have a technology partner in Sandbox Banking.”
— John Sullivan, CIO of Bank Newport
“Sandbox is the best banking infrastructure startup I’ve seen in years. What Stripe did for accessibility, Sandbox is poised to do with fintech integrations. They are the ‘Glyue – pun intended’ required to connect the banking sector to the fintech innovations required to compete over the next decade.”
— Patrick Gallagher, Co-founder and Managing Partner at Tuesday Capital
