HSBC has spearheaded a $7 million Series A funding round in the digital API platform Episode Six. Other contributors were SBI Investment, an existing investor in the firm, and MasterCard, according to the official July 21 report.
Episode Six is a developer of financial and payment products. The company’s CEO John Mitchell said in a statement:
“Financial institutions and innovators in other industries like healthcare are beginning to realize the constraints of legacy technology, especially given the increasing demand for new products and streamlined efficiencies.”
The company has developed financial technology through over 500 APIs. It aims to facilitate the next level of configurability for firms that want to digitize their payment and accounts infrastructure or launch new products and solutions.
Growth and development
Episode Six has its headquarters in Texas. Established in 2015, the Texan fintech has managed to attract almost three million customers offering both consumer and business-centric products.
In the past year, the company has managed to expand its footprint into three major financial markets which include Singapore, Tokyo, and London.
The CIO of HSBC’s Global Liquidity and Cash Management division, Brian McKenney, said:
“Episode Six has proven the power of its technology in Asia-Pacific, helping us develop digital wallet propositions to better serve our customers. We look forward to exploring opportunities for expanding our product roadmap with Episode Six across other markets in the future.”
MasterCard strives to enhance the digital economy making lives seamless, simple, and secure. The executive vice president of market development Europe at Mastercard, Jason Lane, said:
“Fostering innovative banking services is essential for us to realize this commitment. To that end, we’re pleased to support Episode Six in its endeavor to expand its activities in Europe.”
With the latest funding, the company will focus on expanding further in other markets throughout the world.