Ascent raises $5.3 million

Ascent Platform, a fintech startup that provides financial institutions with the tools and data sources required to service their customers, has raised $5.3 million from Foundation Capital, TruStage Ventures Discovery Fund, Alloy Labs, Reseda Group, and other investors.

Founded in 2022, Ascent enables financial institutions and their customers to securely and bidirectionally share internal and external financial information, on a permissioned basis. The platform merges external third-party data with an institution’s data to provide a holistic view of the customer, surface insights about them, and deliver higher levels of personalization and service.

“Open banking will likely create dynamics similar to the Telecommunications Reform Act and HIPAA, where service and information portability increased market complexity and competition. With switching costs and barriers lowered, financial institutions will need to find new ways to create value. Ascent is positioned to capitalize on increased data accessibility in financial services and manage and control workflows within and across institutions.” – Elizabeth McCluskey, Head of Discovery Fund and Director at Trustage Ventures.

“Mid-size financial institutions struggle to compete with larger banks, particularly in the current environment. We invested in Ascent because the company’s technology makes it easy for credit unions and regional banks to digitize lending workflows without a costly rip-and-replace of existing systems.” – Angus Davis, General Partner at Foundation Capital.

“Our investors include some of the biggest and most innovative CUSOs, tech-forward banks, and fintech-focused VCs. We are grateful for their strategic guidance and support, as we grow our network of clients and partners who are equally committed to enhancing the competitiveness of community banks and credit unions.” – Arjun Sahgal, co-founder and CEO of Ascent.