SME banking platform Pollinate has raised $50 million in a series C funding round.

The round was led by venture capital firm Insight Partners, alongside existing investors NatWest Group, Mastercard, National Australia Bank (NAB), EFM Asset Management, and Motive Partners.

The company, founded by former Monitise boss Alastair Lukies, provides financial institutions with white-label banking software to help them meet the needs of SME business customers.

Pollinate said the round would fuel further international expansion of its operations and a move into North America. The money will also be used to accelerate the expansion of Pollinate’s white-label marketplace offering to meet the needs of banks’ small and medium-sized business customers.

Pollinate’s platform helped to build the infrastructure for Tyl, NatWest’s digital SME bank.

The company says it was formed to help banks across the world to digitally transform their offering for business customers and keep pace with new entrants looking to take market share or to push them down the value chain.

The platform allows banks to offer a range of SME services, from access to capital, the ability to take payment, digital loyalty schemes, and marketing tools and insights.

Commenting on the round, Pollinate founder Lukies said: “SMEs are the lifeblood of economies globally. Access to capital, intuitive banking services and a broad ecosystem of value-added solutions and partners are critical to the journey of a small business owner."

He added: “It is our passion to work with leading banks and dynamic merchants around the world. This investment round, led by the outstanding team at Insight Partners and supported by our existing shareholders, validates our mission, and is a statement of confidence in the banks – that they can fight back against new entrants and win, all while supporting the vital work of SMEs.”

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