Bond Financial Technologies, a fintech platform based in the US, has received $10m funding in a seed round led by Canaan.

Canaan was joined by Coatue along with angel investors Sarah Friar, Steve Frieberg, Ryan Peterson, and Eric Yuan.

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Canaan partner Michael Gilroy said: “Bond is set to become a category-defining platform. We’ve long believed that eventually all brands will become fintechs, and yet no solution today is compliant, scalable and makes fintech innovation efficient for brands and banks alike.

“We’re thrilled to partner with Roy and this team of industry veterans to build this platform.”

Bond aims to serve as a liaison between digital brands and banking partners. The company was set up by Roy Ng, Matt Bradley, and Yan Wu.

Using the new capital, Bond aims to develop its ML-powered platform.

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It also plans to expand its reach with banks, fintechs as well as brand partners with the money.

Commenting on the firm, Ng said: “Until now, the friction between brands and banks has stifled the pace of financial innovation and access to capital.

“Bond enables banks of all sizes to more effectively compete for and partner with technology innovators, ultimately improving access to capital for everyday consumers and businesses.”