Sydney-based banking technology developer Constantinople has announced it has successfully reached its capital raise target, with investors kicking in AU$50 million to support the fintech’s operations and growth aspirations.

The Series A round was led by Prosus Ventures, a Dutch corporate venture capital firm, with existing investors Square Peg, Airtree and Great Southern Bank also chipping in towards the US$33 million (AU$50 million) capital raise.

Great Southern is also Constantinople’s first client, with the fintech enlisted to build the bank’s business banking service, which it recently launched.

The capital injection will be used for both growth and general operations purposes, with the fintech looking to not only further develop its product suite, but also open its BaaS offering to overseas markets.

Announcing the successful capital raise on LinkedIn, the fintech noted its efforts over the last two years in developing its “complete tech and operations platform for banks”.

“Our platform enables banks to focus more on their customer relationships and the business of banking, instead of back-office tech and operational complexity. It’s an entirely new category of software which aims to fundamentally change and improve how banks operate.”

Founded in 2022 by ex-Westpac executives Macgregor Duncan and Dianne Challenor, Constantinople boasts an all-in-one banking suite, providing transaction banking, payments, cards issuance and lending services, as well as mobile and web apps, covering both retail and business banking.

The fintech notes that it can also handle operational activities for its client banks, leveraging its AI-backed software for customer onboarding and lending operations, financial crime monitoring, fraud detection, and automated compliance and controls.