EJF Capital spearheaded the funding round, with participation from Carthona Capital and Valley Ventures, the corporate venture capital division of Valley Bank.

NayaOne's technology, which includes a sandbox for testing cutting-edge products from a carefully curated marketplace of verified fintechs, is being adopted by Valley Bank as the first in the US.

"Our collaboration has dramatically streamlined how we vet fintech vendors, positioning us well ahead in the digital transformation and AI race," says Neal Kapur, managing partner at Valley Ventures.

CEO of NayaOne and former Westpac employee Karan Jain claims the money is a reflection of the size and potential of the challenge the company is taking on in the financial services industry as more banks look to join fintechs in order to keep up with the digital transformation.

"It's about more than just growth; it's about setting the pace in a sector that's fundamentally rethinking how it evolves," according to him.