Fintech disruptors have highlighted the limitations of legacy systems, creating a demand for platforms that seamlessly integrate banking services with real-time data and advanced analytics.
This changing environment has opened the door for companies to redefine the relationship between banks and businesses.
In this week’s Behind the Idea, we speak with tech visionary Nick Simpson, CTO and co-founder at CoBa, to explore how its platform is addressing these challenges and shaping the future of connected banking.
Tell us more about your company and its offering
Nick Simpson, CTO and co-founder at CoBa
CoBa, which stands for Connected Banking, is on a mission to revolutionise how businesses and banks work together. Our cloud-hosted platform seamlessly shares information and services between the two.
For businesses, CoBa offers integrated financial management tools that make forecasting and risk management straightforward, helping them make smarter decisions and manage their finances more effectively.
For banks, our platform provides the real-time insights needed to offer tailored financial products to their clients. By bridging the gap between businesses and banks, CoBa is creating a more connected and responsive financial ecosystem that benefits everyone involved.
What problem was your company set up to solve?
CoBa was founded to address some of the major issues in the banking sector. Banks were struggling to compete with fintechs and brokers that were attracting customers with their advanced technology. Additionally, commercial banking workflows were often fragmented, with multiple systems that didn’t communicate well with each other. On top of that, banks had valuable data that wasn’t being fully utilised to improve customer service.
Our solution is a cloud-hosted platform that integrates these disparate systems and leverages that valuable data. CoBa helps banks offer superior, customised financial products and services, enhancing customer satisfaction and helping banks reclaim their competitive edge in an increasingly digital market.
Since launch, how has your company evolved?
Since launching, CoBa has seen significant growth and development. We started with an extensive pilot and discovery phase with UK businesses, which led to a key partnership with a tier 1 UK bank. Together, we developed an innovative digital commercial banking solution.
Our team has expanded from just two members to 15, boosting our capabilities in architecture, design, engineering, and product delivery. We delivered the first version of our platform in just eight months, covering all aspects from design and build to thorough user testing. Since then, we’ve been continuously adding new features and updates every few months, demonstrating our commitment to ongoing improvement and responding to our clients’ evolving needs.
What has been the biggest challenge or most ‘tricky moment’ to overcome?
Our biggest challenge was managing the complexities of integrating with various legacy bank systems. These systems were intricate, and ensuring smooth functionality across different platforms was quite challenging.
To tackle this, we aligned strategically with the bank and worked closely with several specialist teams. This collaborative approach allowed us to resolve integration issues swiftly, optimise processes and data mapping, and ensure that our solutions were compatible with legacy systems while providing a next-generation digital platform.
What are your biggest achievements or ‘proudest moment’ so far?
One of our proudest achievements is creating a platform that truly resonates with our clients. We involved them at every stage of the design process, ensuring it feels like it was crafted specifically for them — and the feedback confirms that it does.
We’re also thrilled with how quickly we brought the initial version of the platform to market: just eight months from inception. This rapid turnaround highlights our team’s efficiency and dedication.
Furthermore, the positive feedback from UK businesses has been incredibly rewarding. Hearing how our platform has positively impacted their operations is the best validation of our efforts and drives us to continue pushing boundaries.
How would you describe the culture of your company?
At CoBa, our culture is the cornerstone of everything we do. We are dedicated to delivering best-in-class digital solutions and commercial banking products by adhering to our core values. We focus on being solution-oriented, with a clear understanding of our clients’ needs. Our approach is straightforward and streamlined, ensuring our solutions address problems effectively.
Innovation with purpose is also central to our culture. We are committed to continual improvement and agile problem-solving, which helps us stay ahead and deliver cutting-edge solutions. These values underpin our work at CoBa, ensuring we provide exceptional products and services while fostering a supportive and forward-thinking workplace.
What’s in store for the future?
Looking ahead, CoBa aims to become the go-to partner for re-digitalising business and commercial banking, both in the UK and internationally. We’re excited about expanding our impact and helping businesses navigate the future of banking, including a recent expansion into the North American market.
We’re making solid progress on our product roadmap, continually enhancing our key features and exploring innovative solutions to meet emerging needs. Our focus remains on delivering cutting-edge technology and exceptional service to drive the next wave of digital transformation in banking. With ongoing enhancements and new developments, we’re eager to embrace the opportunities ahead and continue shaping the industry’s future.
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