Five Degrees rakes in €10m for core digital banking tech

November 29, 2016

Digital banking technology provider Five Degrees has raised €10m in a new round of funding led by Karmijn Kapitaal.

Existing backers 5Square and Velocity Capital also participated in the round for the Netherlands-based firm.

The company offers a core banking technology platform called Matrix to banks aiming to increase their digital banking capabilities.

Matrix is designed to provide a fully automated banking services platform that can connect to legacy back-office systems.

It also integrates with external services such as KYC checks or passport validation.

The firm also offers training and support to clients’ staff to help institutions through the digital transformation process.

Five Degrees will use the capital to further develop its product and drive international expansion.

Amsterdam-based private equity and venture firm Karmijn Kapitaal will hold a minority stake in Five Degrees as a result of the deal.

Partner at the firm Hadewych Cels said, “We see Five Degrees as a winner in FinTech and as an unique opportunity to broaden our portfolio.”

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