South African fintech startup BancX has raised funding from Imvelo Ventures, an investment firm founded by Capitec Bank and Empowerment Capital Investment Partners. The funding which amount was not disclosed will be used to expand its cloud banking services globally.

Launched in 2017, BancX is a cloud-based banking platform used by banks, fintech firms, and companies to offer innovative financial services with data. The startup allows financial service providers to re-invent products, on-board customers, manage system for loans, transactional banking and savings.