Strands

Strands

Strands developed FinTech software that enables banks to offer digital banking using big data, processing, artificial intelligence, machine learning, and open API.

Overview

Originally founded in 2004 in Barcelona, Spain by Francisco J. Martin, Marc Torrens, and Jon Herlocker, Strands is a Miami, Florida-based financial technology software company developing software solutions for the banking industry using big data, artificial intelligence (AI), and machine learning (ML). The company develops software and solutions for three banking types, open banking, SME banking, and retail banking.

Products and services
Open banking

Open banking uses open APIs that allow third-party developers to build applications around a financial institution, allowing consumers to integrate their financial information from applications, like Quickbooks or Xero, to their bank account. Open banking is more transparent than traditional banking software and applications with open data and private data. Strands offer an API software platform for banks looking to transition or develop an open banking model.

SME Banking

Strands developed an SME banking technology that leverages AI and ML in a suite of five total products. The SME banking products include:

  • BFM-Business Financial Management (an analytics program for banking customers and their business)
  • Engager (a real-time product that translates data to customer insights)
  • Open Hub (an interface leveraging open banking methods)
  • CLO-Customer Linked Offers (a marketplace of personalized offers for customers from merchants).
Retail banking

Strands' retail baking technology also includes a suite of software for banks and bank customers. The retail banking products include:

  • PFM-Personal Financial Management (a personal finance management tool for banking customers)
  • Engager (a real-time product that translates data to customer insights)
  • Open Hub (an interface leveraging open banking methods)
  • CLO-Customer-Linked Offer (a marketplace of personalized offers for customers from merchants)
Strands Developer Portal

Strands released a developer portal using its open APIs. The portal is to enable devs to be capable of developing third-party applications that integrate with Strands' other products and services. The portal includes the full API Catalog and tutorials that guide devs through common user actions. This service is open-sourced and free for developers to use when they sign-up to become a "partner" with Strands. The Developer Portal is Strands' latest product offering.

Acquisition

On March 30, 2020, it was announced that CRIF, a global credit bureau, business information, and credit and open banking solutions company, would acquire Strands. The deal was finalized and closed on April 2, 2020, and brought Strands to the CRIF’s client base that included 6,300 banks, 55,000 businesses, and 310,000 consumers across 50 countries, as of March 2020.

Timeline

March 30, 2020
Italian credit bureau and outsourcing company Crif has acquired personal financial management outfit Strands for an undisclosed sum.
November 13, 2019
Strands PFM tool goes live at Bank of Georgia
September 23, 2019
Piraeus Bank implements Strands PFM suite
December 2007
Strands raises a $49,000,000 series B round from Sequel Venture Partners and Debaeque.
March 2006
Strands raises a $6,000,000 series A round from Sequel Venture Partners and Debaeque.

Funding rounds

Funding round
Funding type
Funding round amount (USD)
Funding round date
Investment
Strands Series B round, December 2007
49,000,000
December 2007
2 Results
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People

Name
Role
LinkedIn

Erik Brieva

CEO

Francisco J. Martin

Founder

Further reading

Title
Author
Link
Type
Date

Crif acquires PFM firm Strands

Editorial Team

Web

March 30, 2020

Piraeus Bank implements Strands PFM suite

Editorial Team

Web

September 23, 2019

Strands and Mastercard team on business financial management platform for bank SME clients

Editorial Team

Web

July 9, 2018

Strands joins Oracle Cloud Marketplace

Editorial Team

Web

March 17, 2020

Strands PFM tool goes live at Bank of Georgia

Editorial Team

Web

November 13, 2019

Strands picks up AISP licence

Editorial Team

Web

June 23, 2020

Documentaries, videos and podcasts

Title
Date
Link

Companies

Company
CEO
Location
Products/Services

News

Title
Author
Date
Publisher
Description
Samantha Hurst
June 23, 2020
Crowdfund Insider
Click HERE to find out ⭐ Spain-Based Fintech Strands Receives AISP License to Expand PSD2 Services Offering. | Crowdfund Insider: Global Fintech News, including Crowdfunding, Blockchain and more.
Strands
Invalid Date
www.prnewswire.com:443
BARCELONA, Spain, February 12, 2019 /PRNewswire/ -- ADCB has gone live in the United Arab Emirates with its personal finance management (PFM) application built ...

References

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