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With $32 million already banked from a seed round early last year, Constantinople, a Sydney-based tech and operations platform for banks, has raised another $50 million in a Series A round that was led by the venture capital arm of Dutch-listed global tech firm Prosus.
Constantinople, which was founded in 2022 by banking industry duo Macgregor Duncan and Dianne Challenor, is a platform that the company says delivers an “entirely new category of SaaS (Software as a Service) which has the potential to change and improve banking around the world”.
The platform supports a full product suite of business and personal banking products from transaction banking, payments and lending to mobile and web apps for improved customer experiences. It also uses software and AI to handle operational activities such as customer onboarding, financial crime monitoring, fraud detection, payment and lending ops, and automated compliance and controls.
Constantinople, which was originally backed by Great Southern Bank in the seed round and counts the bank as its foundation client, says it is now partnering with other clients in Australia and has recently expanded its team into New Zealand.
Great Southern Bank, which has launched a new business bank to the market via the platform, was among the participants in the Series A round, alongside other existing investors Square Peg and Airtree Ventures.
The fresh capital will be used by Constantinople to build on its team and expand its platform’s capabilities. The company currently employs about 100 staff, up from 60 this time last year.
“From the first time we met Mac and Di, we were convinced that Constantinople is solving one of the largest problems in financial services, namely how incumbent banks can transform themselves to better meet the needs of their customers in a digital and AI world,” says Sachin Bhanot, the regional head of investments for series A lead investor Prosus Ventures.
“Constantinople’s track record of execution to date is remarkable and we are thrilled to partner with Constantinople as it sets its sights on transforming the global banking landscape.”
Prosus Ventures has an extensive fintech portfolio through its investment in Netherlands-based payment and financial services group PayU.
Duncan and Challenor founded Constantinople in the wake of extended careers that they individually forged in the banking sector globally, with Duncan also boasting Silicon Valley private equity experience.
Both decided to create Constantinople after working together at Westpac on a digital banking project for the big four bank.
Paul Bassat, co-founder and partner at Square Peg says the venture capital firm was “incredibly excited” to continue backing the founding duo who are co-CEOs of Constantinople.
“Constantinople is a standout company with all the ingredients for global success: amazing founders, an incredible team with experience scaling global platforms, and a phenomenal track record of disciplined and fast execution,” says Bassat.
Airtree Ventures partner James Cameron agrees.
“With Mac and Di at the helm, Constantinople is building an exceptional team with deep domain expertise and technical know-how,” he says.
“This team, which has executed with incredible rigour and speed to date, continues to be their greatest advantage as they transform and simplify how banks run and operate.
“They’ve got a big and bold vision that has our backing, going above and beyond the existing point solutions in the market to fundamentally change a bank’s operating model through software.”
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