Australian firm Constantinople bags $33m in Series A funding

The round was led by Prosus Ventures, the Dutch corporate venture capital arm of Prosus Group

Australian banking software developer Constantinople has completed a $33 million Series A funding round.

Founded in 2022, the Sydney-based organisation offers banks a technology and operations platform that supports functions including card issuance and lending, mobile and web apps, transaction banking and payments.

In addition, the start-up is leveraging AI to provide software capable of improving a bank’s financial crime monitoring and fraud detection measures, customer onboarding procedures and lending operations, and enhancing automation across compliance and controls.

The announcement is very timely, as 70% of financial firms say they’re using AI in the fight against fraud.

This newly-completed round of Constantinople funding adds to the $20 million previously raised via a seed funding round of May 2022. Existing investors include Airtree, Square Peg and Queensland-based Great Southern Bank-which is also Constantinople’s first client bank.

Constantinople will be using the new funds to develop its product offerings and help finance its 60-strong full-time workforce. Financial Review are also reporting that the cash injection will be used to expand the company’s footprint overseas. The firm is reported to be looking to be operational in markets including the UK, Germany, Indonesia, Singapore and the US by 2027.

Image: Constantinople

Robert Welbourn Robert Welbourn is an experienced financial writer. He has worked for a number of high street banks and trading platforms. He's also a published author and freelance writer and editor.