This low-key Dublin fintech startup has sealed €15 million in investment

Leveris is developing a platform for building and operating banking services.

By Jonathan Keane Reporter, Fora

DUBLIN-BASED FINTECH STARTUP Leveris has secured €15 million in funding for its ‘bank in a box’ platform.

The company, founded in 2014 but incorporated in Ireland two years ago, develops an end-to-end platform to allow financial institutions and fintech startups such as digital-only banks or challenger banks to run their services.

Leveris has been mostly self-funded up until this point, although company filings show that it received €500,000 from Enterprise Ireland in January.

However new documents show that it recently sealed a funding injection of €15 million made via a UK shareholder services firm called Link Market Services.

The company originally announced plans to raise the investment from Irish and international investors in late 2016 with the aim of closing the deal in early 2017.

The identities of the investors were not revealed. Company filings from late last year show that European growth finance firm Columbia Lake Partners previously issued a loan secured against Leveris’s assets.

Leveris founder and chief executive Conor Fennelly did not respond to Fora’s requests for comment.

leveris-app
Source: Leveris

While Leveris is headquartered in Dublin, much of its development work is carried out in Prague and Minsk. It has a reported 200-plus staff on its books, many of whom joined from Czech digital banking outfit Air Bank.

The Czech company is owned by financial institution PPF Group, which is led by the Czech Republic’s richest person and is largely active through central and eastern Europe.

Business model

Leveris operates a subscription-based software-as-a-service (SaaS) business model.

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The company has not disclosed customer numbers yet nor has it filed annual accounts, however according to reports from earlier this year it has secured at least one client in Bondster, a Czech-based peer-to-peer marketplace.

In demonstrations, Leveris showed that it can provide a business model for banks that includes transaction fees but also advertising. In one example, a client making a payment had the choice of paying a 5c fee or watching an ad.

The company said the platform is more adaptable and modular for banks that want to make changes to their services.

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