Finastra Lands Core Cloud Deal With Neobank, Gravity
New SME Focused Bank Selects Fusion Essence in the Cloud to Power End-To-End Digital Banking and Lending Services
Finastra has announced that Gravity, a new UK-based bank seeking authorization to serve SMEs with lending, credit card and deposit services, has selected Fusion Essence in the cloud for its end-to-end core banking capabilities. The cloud-based solution will support Gravity as it launches in the UK and will drive efficiency through loan and deposit book automation.
Tim Brooke, Chairman of Gravity said, “Small businesses in the UK continue to struggle when it comes to choosing a bank that can support their needs. Traditional banks are failing to keep up with the agility these firms require and instead restrict their access to capital, stifle them with bureaucracy, and provide little or no support. By partnering with Fusion Essence in the cloud we will bring to market an agile, customer-oriented service that will make business banking fairer and simpler. We believe that Finastra is the trusted provider we need to support our ambitious plans for growth.”
Finastra’s Fusion Essence in the cloud was selected because of the breadth of the solution, its open and digital end-to-end capabilities and its ability to support the bank’s ambitions to launch to the market at pace. The bank also recognized the flexibility and security of the solution, built on Microsoft’s trusted Azure cloud platform. The modern cloud-based core system will enable Gravity to grow its business at scale, diversify its product offerings with ease and benefit from evergreen software updates. Further down the line, integration with FusionFabric.cloud will give the bank access to a collaborative platform for open innovation.
Anand Subbaraman, General Manager, Retail Banking at Finastra said, “An aspiring new entrant in the UK business banking sector, Gravity recognized from the start of its journey that a digital, cloud-first approach was essential to its success. With the cloud’s lower-cost operating model and speed of deployment, Gravity will be able to immediately benefit from Fusion Essence and differentiate its services from traditional banks. The cloud-based solution has been built to serve the unique needs of this market, enabling the bank to focus on more strategic growth and achieve timely return on investment. We are excited to be working alongside Microsoft with yet another aspiring UK bank, and look forward to supporting Gravity as it launches in the coming months.”
Richard Peers, Senior Director Worldwide Financial Services at Microsoft said, “To deliver an efficient and data-led customer experience in banking, cloud is the obvious choice for neobanks wanting to make an impact in the market. Fusion Essence, powered by Microsoft Azure, will ensure Gravity can build a first-class customer experience, and deliver the new services their customers are demanding at speed. We’re delighted to be working with Finastra to support aspiring neobanks, such as Gravity, on the Fusion Essence core banking solution, and in turn, supporting the future of the UK banking landscape.”
This announcement follows hot on the heels of the recent news from Finastra that another UK-based neobank serving SME clients, selected Fusion Essence in the cloud to power its core banking.