The Glue, the Brussels based fintech provider that was initiated by Jurgen Ingels, Wim De Waele and Stefan Dierckx, closed a capital increase of 5 million euro led by Swiss and Silicon Valley based Polytech Ecosystem Ventures. The startup also acquired its first important customer.
During the last two years, a team of 50 software engineers worked on building a modern, next generation infrastructure that allows financial institutions and insurance companies to become active players in a fast moving mobile and digital landscape.
The solution ‘glues’ front-end channels and API-ecosystems to existing banking systems and supports the rapid creation of new products and offerings. Rich digital banking services, accelerated integration and innovative data capabilities are key drivers in the design of The Glue’s product.
“2016 has been a very intense year which we successfully concluded with the official release of our first product version, the on track implementation of our framework at a key reference client and the completion of our 5 Mio funding round“, states Jürgen Ingels, The Glue’s co-founder and founder of Clear2pay. “In 2017, we aim at expanding our client base with a focus on Europe and the US and continue to invest in our software solution.”
“Over the last few years, we have been witnessing the difficulty for banks to integrate fintech solutions on top of their legacy systems, and we have been actively looking to invest in a solution that would solve this problem”, stresses managing partner Guillaume Dubray of the Swiss venture capitalist Polytech Ecosystem Ventures. “The Glue offers the perfect solution to solve this pain in the market.”
Stefan Dierckx, The Glue’s co-founder states: “We are honored that a leading VC has opted to work with us. On top of the investment by Polytech and the exiting investors we also received a state subsidy of €850k for the development of our core platform. We currently see strong traction with our technology and are convinced financial institutions will invest heavily in integration of their legacy systems to make them digital prove.”