The Software as a Service startup that is blockchain-based, Optherium Labs, has raised pre-Series A funding from IRETH though the details of the financial transaction were not revealed.
The startup helps other companies to add banking services to their platform and this is likely to become important in the months ahead as more and more companies look to launch their own neo banking services. The company already has many financial firms, non-banking institutions, and startups as its clients and it is only likely to see more demand in the future as investors and startups look to pile into the digital-only banking space.
“Together Omnibek and IRETH can offer a more complete and secure [neobanking] platform, thanks to their infrastructure as a service technology, enriched with advanced authentication and anti-fraud functionalities,” the companies said.
Currently, those companies that want to launch neobanks would need to have another bank to back them up so as to back them up with the required infrastructure, knowledge, and other banking features and services. But with the neo banking space expected to explode shortly with such neobanks expected to overtake the legacy banks in due course of time, it is only natural for companies like Optherium to be in high demand during such periods as it helps the companies to set up neobanks and offer banking services quickly and reliably by providing banking as a service.
Companies would be able to set up white-label neobank platforms and also customize their banking service offerings by picking and choosing which services they would want to offer their clients depending on the demand. The company also offers a customizable RegTech platform that helps in the onboarding and compliance processes. The clients of the platform would be able to get all these services with a high level of security and reliability. They can achieve this through the use of blockchain which also ensures transparency in the platform and solutions can be customized depending on the requirements of its clients.