Banking software provider Matera has secured a $100 million capital injection to bankroll the firm’s ambitious plans to push further into the North American market.
The fresh funds are the result of a capital allocation from growth investor Warburg Pincus, Matera confirmed in a statement.
New York City-based Warburg Pincus is a major US tech investor with roughly $81 billion in assets under management.
Matera started off in South America’s largest market, Brazil, a market that, according to the company, “is a global standard when it comes to banking and payments infrastructure, led by a long-standing innovative central bank agenda.”
Payments through the Brazilian central bank’s Pix system account for more than 40% of all electronic transactions in the country.
“Pix set the standard for the digital finance revolution,” stated Carlos Netto, co-founder and CEO of Matera, which has around 1,000 employees and claims that three of the top 10 U.S. banks and one-third of all banks in Brazil currently use Matera’s software solutions.
“At Matera, we know first-hand the pressure for banks to modernise their digital infrastructure to keep up with innovative new methods,” Netto said.
Matera’s banktech software solutions test, trial and process more than five billion transactions a year, he claimed.
New markets
Netto said the firm now sets its eyes firmly on the North American market, as well as the expansion of its current portfolio of software solutions and digital testing tools.
Matera first announced plans to push into North America at the end of 2022. Last year, it launched a software solution called Digital Twin, which was specifically tailored for banks and other financial services firms in the U.S. and Canada.
Digital Twin is a cloud-native software solution designed to sit on top of a financial institution’s core banking infrastructure, allowing for real-time testing and processing of various tasks, such as payments and managing balances.
“Digital Twin is designed to allow banks and credit unions to speed their digital transformation while reducing operational costs,” the company said.
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