Australian banking platform Constantinople bags $33m in Series A

By Gloria Mathias

Constantinople, the Sydney-based tech and operations platform for banks, has raised a $33 million (A$50 million) Series A round.

The round was led by Prosus Ventures, the venture capital arm of Dutch-listed global tech firm Prosus, alongside existing investors Square Peg Capital, Airtree Ventures and Great Southern Bank.

Constantinople enables banks to focus more on customer relationships and banking business by using Constantinople’s technology and operations platform.

Constantinople’s platform covers both retail and business banking, supporting a full product suite across transaction banking, payments and lending, and mobile and web apps for improved customer experiences. Constantinople also handles operational activities on behalf of client banks, using software and AI for customer onboarding, financial crime monitoring, fraud detection, payment and lending operations, and automated compliance and controls.

Constantinople’s platform is currently supporting its first client bank, Great Southern Bank, which recently launched its new business Bank in the market. Constantinople is partnering with other clients in Australia and has recently expanded its team into New Zealand.

Constantinople previously raised a $22 million seed round from Square Peg, Airtree, and Great Southern Bank in April 2022.

Sachin Bhanot, Head of Investments, SEA & ANZ, at Prosus Ventures, said, “We are delighted to lead Constantinople’s Series A round. 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. Constantinople’s track record of execution is remarkable, and we are thrilled to partner with Constantinople as it sets its sights on transforming the global banking landscape.”

Paul Bassat, Co-founder and Partner at Square Peg Capital, said, “We are incredibly excited to continue backing Mac and Di on their ambitious vision for the future of banking. 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.”