Bond began last year, at our seed investor Canaan’s office, back when we thought nothing of huddling in a conference room for hours on end. We closed our $10M seed funding three weeks before my son was born.
Our vision is to reshape fintech and deliver the infrastructure banks and brands need to innovate with speed, safety and scale. When we launched, we knew we’d be supporting a new era for fintech, but we didn’t expect to build our team and our platform while sheltering in place.
The world has changed dramatically since we started. My son is now nine months old and we haven’t seen our pediatrician in-person in over four months. Customer meetings have all gone virtual; team meetings, all hands, and product releases are being conducted from our homes.
I’m proud of what we’ve accomplished together during this time. We continue to recruit incredible people, build a culture we’re very proud of, and attract phenomenal partners and customers to join us on this ride. We’ve been laser focused on building an enterprise platform that enables sponsor banks to better onboard and manage brand partners; at the same time, we’re creating APIs and SDKs our brand partners need in order to design and build innovative financial solutions.
Today, we’re excited to share that Bond has closed $32M in Series A funding. The round was led by Coatue with new investors Goldman Sachs, Mastercard and B Capital. We’re also thrilled to have the former Chairman and CEO of Morgan Stanley, John Mack, join existing angel investors such as Sarah Friar, Steve Frieberg, Ryan Peterson and Eric Yuan. I am grateful to be on this journey with investors who believe in the audacious goal of helping all brands become fintechs.
The platform we’re building at Bond is more important now than ever before. With 77% of Americans unhappy with their bank and 25% of households still unbanked or underbanked, we have an opportunity to address systemic gaps in our financial system. The pandemic has driven an even bigger wedge in economic disparities with over 30 million Americans filing unemployment claims. COVID-19’s impact on day-to-day life will accelerate trends that were already underway. Time spent with digital and mobile apps will increase. Remote work will become a norm. Delivery services will become pervasive.
Our banking system serves as a source of stability in these moments of crisis, yet the system is being tested. How do banks manage increasing credit losses, navigate through near-zero interest rates and a flattened yield curve, all while continuing to find ways to better support their customers where their services are most needed? Partnering with brands is a route for many banks. With Bond, sponsor banks can easily find, onboard and scale new brand partners.
The pandemic is accelerating the transformation of how people access core day-to-day services like banking. Financial services will meet people where they work and live. Gig workers’ banking solutions will be right on their gig platform of choice. Landlords will refinance their apartments via their favorite online rental marketplace. With Bond, brands can design and build innovative financial solutions for their customers. Banking will become seamless. My son will grow up using banking services more frequently than I do, throughout the day, and yet may not need to download a banking app or visit a bank.
This is just the beginning for Bond. Thank you to our team, our customers, our partners and investors for all of the support along the way. We are grateful and excited to bring banking to life.