Victor Raises $6M Seed Round to Help Banks Partner with Fintechs

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Additionally, Victor has built a proprietary virtual account ledgering solution with instant virtual account creation via API.

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Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Thursday, December 2, 2021
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Tags: 
Professional Services, Data Management, Security, Technology, Software, Finance, Banking, API, Risk assessment, MVB, ACH, Technology, Compliance, Strategy, Engineering, Risk management, Solution, Asset, Investment, Risk, Vantage, Cryptocurrency, Bank, Victor, MVB Edge Ventures, VICTOR, MVB EDGE VENTURES
Geotags: 
United States, West Virginia, VICTOR
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Summary
Key Points: 
  • Additionally, Victor has built a proprietary virtual account ledgering solution with instant virtual account creation via API.
  • Building a robust virtual ledgering solution was a top priority for Victor.
  • This seed funding from MVB Edge Ventures will help Victor expand its service offering to include Push-to-Card payments and virtual card issuing, as well as to accelerate its Vantage suite of risk management tools for banks.
  • Victor APIs help Fintech companies embed financial solutions within their apps and its Vantage tools help banks manage Fintech program risk and compliance at scale.


Victor Technologies, Inc. (“Victor”) announced that it has raised $6 million in seed funding from MVB Edge Ventures to accelerate the launch of its banking APIs and Vantage risk management platform.

Since its founding in May of 2021, the Victor team has built and released a suite of payment APIs to move money via ACH, wire and internal transfers. Additionally, Victor has built a proprietary virtual account ledgering solution with instant virtual account creation via API. This solution helps power mission critical settlement and transaction management.

“Building a robust virtual ledgering solution was a top priority for Victor. As a critical building block that underpins our long-term roadmap and strategic product offering, our virtual ledgering solution is scalable and has positive unit economics for Fintechs,” said Maf Sonko, Head of Strategy & Operations at Victor.

Charles Crupper, Head of Engineering with Victor, added, “Simple and intuitive APIs have helped fast-growing clients like NYDIG and Interchecks launch quickly and go to market within weeks instead of months by using Victor as the core of their money movement solutions.”

This seed funding from MVB Edge Ventures will help Victor expand its service offering to include Push-to-Card payments and virtual card issuing, as well as to accelerate its Vantage suite of risk management tools for banks. Vantage makes it easier for banks to quickly onboard a wide range of Fintech clients in Gaming, Payments, Banking-as-a-Service and Digital Assets as well as enables better oversight and monitoring on a single platform. Traditionally, the process of due diligence, risk assessment and ongoing monitoring of Fintech programs is burdensome to banks, which makes it harder to scale partnerships.

“The true potential of bank-Fintech innovation can only be realized if banks have the right technology to manage and move as quickly as technology companies and do it in a compliant and scalable way,” said Sonko. “The inefficiencies in back-office operations to support Fintech programs have largely been ignored by existing Banking-as-a-Service platform providers. This is a gap in the market and slows down innovation in new business models.”

MVB Bank Chief Risk Officer John Marion added, “Victor’s focus on building the right tools for banks like MVB to seamlessly onboard, conduct due diligence and oversee with Vantage is a game-changer for us. The ability to move as quickly as our Fintech partners while remaining compliant is something we are very excited about.”

About Victor

Victor provides banking technology solutions that simplify Bank-Fintech partnerships. Victor APIs help Fintech companies embed financial solutions within their apps and its Vantage tools help banks manage Fintech program risk and compliance at scale. For more information, visit www.victorfi.com.

About MVB Edge Ventures

MVB Edge Ventures, a wholly owned subsidiary of MVB Bank, Inc., provides management oversight, alignment and structure for MVB’s technology investments and allocates resources to help incubate technologies developed by MVB.

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