NayaOne, a Sandbox-as-a-Service platform that helps to match financial institutions with fintechs, has raised $4.7 million.
The funding round was led by EJF Capital, with Valley Ventures, the corporate venture capital arm of Valley Bank and Carthona Capital also on board.
Valley Bank is the first US adopter of NayaOne's technology, which comprises a sandbox for testing innovative technology from a curated marketplace of vetted fintechs.
Valley Ventures' managing partner, Neal Kapur, comments: "Our collaboration has dramatically streamlined how we vet fintech vendors, positioning us well ahead in the digital transformation and AI race."
Karan Jain, formerly of Westpac and CEO of NayaOne, says the funding is a nod to the opportunity and magnitude of the challenge the firm is tackling in financial services, as more banks seek to catch up on the digital transformation journey by partnering with fintechs.
"It's about more than just growth; it's about setting the pace in a sector that's fundamentally rethinking how it evolves," he says.