Banking fintech Constantinople pockets $50 million Series A

Banking-in-box fintech Constantinople has raised $50 million in a Series A.

The round was led by Dutch internet investment firm Prosus Ventures, with support from existing Australian backers Square Peg and AirTree.

The Sydney startup, founded in 2022 by former Westpac managers Macgregor Duncan and Dianne Challenor, previously raised US$23 million (A$32m) in a Seed round in May 2022, but didn’t announce the funding until 12 months later. At the time it set the record for Australia’s largest venture-backed Seed raise.

It’s the second investment in a month for Prosus, which recently joined AirTree in a $12.6 million Seed raise for healthcare startup Kismet.

Constantinople’s first client, Great Southern Bank (previously Credit Union Australia), is also an investor.

Last month Great Southern announced the launch of its digital-first banking solution for small business, targeting nano (sole traders) or micro businesses (less than four people), developed using Constantinople’s software

Constantinople’s announced 12 months ago that it was looking to expand into the US and other markets, and plans to use the new capital to continue with that focus.