By Oliver Smith on 13th June 2019
CEO David Brear says 11:FS will also initially build new digital loan offerings for DNB.
London-based digital bank builder 11:FS has secured follow-on investment from Norway’s DNB after completing a proof of concept for the financial services group.
DNB invested £3m in 11:FS back in October, but has now said it will be “extending” this investment as well as signing a partnership with 11:FS to initially build new loan products for DNB.
“Our development teams have worked closely together over the past six months, and based on a successful proof of concept, we are now ready to move to the next milestone of beginning early stage implementation,” said DNB’s group executive vice president for new business, Rasmus Figenschou.
As part of the proof of concept, 11:FS says it built an entire banking architecture from scratch for DNB in less than eight months, which is now processing live payment transactions for the group.
“As you would expect from us we’ve also done it in a unique way,” said 11:FS CEO David Brear.
“Rather than looking for VC backing, and all that this brings, we wanted a partner who shares our passion and vision for changing this industry and building services in a much better way. We have truly found that partner in the team at DNB.”
The announcement comes after 11:FS launched Mettle, an SME digital bank, for NatWest last November.