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TenureX Raises $5M Series Seed, Poised to Become the Next Generation Platform for Corresponding banking as a serviceTEL AVIV, Israel, Aug. 2, 2021 /PRNewswire/ -- TenureX, the Next Generation Platform for corresponding banking as a service, announced today a successful Seed Series round of $5M. The round was led by Fintop Capital (together with its JV: JAM & Fintop), with additional participation from Chris Adelsbach, Jason Henrichs, Nissim Bar-El, Tom Brown, Rob Frohwein, Kathryn Petralia, Jonathan Ebinger, Ehud Arad, and Roman Regelman, in addition to existing investors, including VentureIsrael, and Hack VC. TenureX is building a Platform for financial institutions and small-medium banks that enables them to co-operate with each other seamlessly and confidently, one transaction at a time without any adjustments, risk, or cost. The platform frees banks and other types of financial institutions from the constraints of rigid and complex corresponding banking relationships. By offering a seamless, "one to many" on boarding process and an X-Ray view on each transaction through an easy-to-operate digital pre-validation and acceptance protocol, TenureX enables its customers to seamlessly, securely, and confidently connect and cooperate with other banking partners, by way of an API or a web portal. TenureX puts the transaction at the center and has reimagined the way small-medium sized banks and other types of financial institutions view corresponding banking from an institutional level, trust based, to an objective single transaction level. The company's hyper growth over the last year has been driven by forward thinking financial institutions from the US and Europe (first adopters) who have for too long experienced the lack of innovation and legacy model governing this banking service. TenureX aims to allow its customers to improve, streamline, and ultimately expand their domestic and cross-border wire transfers execution capabilities with current and future banking partners over a reliable and controlled digital network. TenureX's Platform creates a new workflow and validation process based on enhanced unified data sets to enable pre-validation capabilities (Know Your Transfer) for every transaction, programmatically and at scale. The TenureX platform brings a new level of data quality and "up-to the-minute" accuracy to the industry. TenureX's protocol and novel approach offers financial institutions, regulated fintech and small-medium banks a higher-certainty at a lower cos, and an alternative to messaging systems, which tend to charge expensive fees without facilitating the relationship and without reducing the risk. "TenureX is led by a great team who possess the maturity, experience, and resilience to innovate within a massive market which has yet to be treated by the FinTech revolution. Small-medium banks, both in the US and globally serve a critical function in the economy and it is important to provide them with tools to stay relevant and grow their offerings to their end-consumers", Said Fintop Partner Mr. John Philpot. Fintop has a history of backing category-defining companies and TenureX has all the makings of one. "Our ability to lead the market is further validated by the conviction of our investors who present a unique set of qualities and backgrounds that are synergetic to TenureX's execution of its ambitious mission, in addition to Angels drawing a pool for world known fintech leaders and bankers" said Izhar Arieli, CEO of TenureX. "We've proven that wire transfers are a huge business generator to small-medium banks and financial institutions. This guarantees that every member will find partners to work with, create relationships without the risk that is implied in this business, and all while streamlining its wire transfers services. The TenureX platform will always grant the fastest and best possible experience when dealing with member banks." Many FI's have already voiced their support for the solution. Jason Henrichs, CEO of Alloy labs, said "By putting the transaction in the center TenureX is taking friction out of the payments through adding intelligence and automation that allows financial institutions to scale their partnerships and volumes. I'm excited to part of their big vision." "Cross border payments are at the heart of the financial system and have always been one of the biggest drivers for banks to expand and create more value. Relationships between banks and financial institutions were always cognizant of the need to provide an effective compliance process while maintaining a frictionless experience for consumers," said Chris Adelsbach, UKBAA Angel Investor of the year 2018/19. "As TenureX's approach balances these needs very well, I am excited to announce my investment into the company. TenureX's solution has the potential to remove friction, improve the customer experience while driving growth and maintain a low risk environment." The company plans to use the investment to further accelerate its network growth, adding more members to the network, each of which will improve the validation, quality, and coverage for all members. This flywheel effect will drive further value for the network's existing members, improving data coverage and accuracy. About TenureX Democratize corresponding banking TenureX is an innovative platform that frees banks and other types of financial institutions from the constraints of rigid and complex corresponding banking relationships. By offering an X-Ray view on each transaction and an easy-to-operate digital pre-validation and acceptance protocol, TenureX enables its customers to seamlessly, securely, and confidently connect and cooperate with other banking partners on a single transaction basis. TenureX aims to allow its customers to improve, streamline, and ultimately expand their domestic and cross-border wire transfer execution capabilities with current and future banking partners over a reliable and controlled digital network. About Fintop&Jam Investing in Companies Solving Problems That Banks Face, JAM FINTOP is helping community banks proactively identify, invest in and implement the right technology to remain relevant and competitive. Maintain relevance by accessing new technologies. We invest in companies developing solutions that allow banks to more effectively compete against megabanks, neo banks and fintechs. JAM FINTOP Bank Network - We actively engage with our bank partners to understand their needs, introduce them to new technology and foster an innovation mindset. TenureX is the first investment of Fintop&Jam from their mutual joint venture and the first investment in Israel by Fintop. For press or media inquiries, please contact: [email protected]
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