Back & middle-office disruptor LemonTree launches first product
LemonTree, the UK and Netherlands-based start-up looking to disrupt banks’ back and middle-office systems, has just launched its first product.
The firm notes that its “alternative asset solution promises banks across Europe and the US the flexibility of a development platform and the performance of an off-the-shelf solution”.
Co-founder and chief commercial officer (CCO), Jamie Nascimento, told FinTech Futures in July that there is “a real desire for change from people on the inside” of banks and financial institutions (FIs).
This is because most fintech software companies charge firms based on usage and features. This is almost always expensive, and involves long contract processes every time another feature needs to be added.
The start-up gives FIs the building blocks to take a one-platform approach. LemonTree maintains its self-built platform, but customers can build products on it from the ground up.
It offers tools for built-in data integration, and designers for auto-code, to help banks get up and running with a solution quickly. Auto-code allows developers to enhance code afterwards, and allows non-developers to get easy access and make changes.
Part of the platform is made up of canvas technology. This allows banks to instantly create a full replica of their system. That way, they can forecast and model potential scenarios across the whole system.
“Current modelling services won’t let you change everything,” Nascimento said in July. “No-one has seen this.”
And if a bank needs to view a previous version of its system, it can use the LemonTree platform to go back to any point in time.
No matter how far they build up, the subscription fee will remain within the software provider’s three-tier price structure.
“When everything can be run in parallel, the technology becomes incredibly powerful,” said Nascimento.
As part of its product launch, the start-up is challenging “anyone sitting on legacy providers”.
If these FIs don’t manage to get up and operational on its platform within 90 days and see immediate benefits, they can enjoy its platform for free for six months.
The offer spans from 6 September 2020 to 30 December 2020.
“The feedback we hear from clients is consistent,” says CEO Gareth Hewitt. “They need and want an alternative; we’re offering a solution never seen before and its resonating.”
The start-up is so far self-funded based on two previous business ventures embarked on by the co-founders. This will be sufficient for a year or so, according to CCO Nascimento.
Fellow co-founder Hewitt previously co-founded New York-based engineering software provider, Bridge Fund Solutions. Hewitt also headed up product for eFront, a France-based solution provider for alternative investment management.
Nascimento has a strong background in brand marketing. He’s headed up marketing for Quaker Oats, Ribena and Orangina in the past, before founding his own agency and managing another.