Highway, a Yerevan-based fintech start-up, has announced the closing of a seed funding round of $2M. The company, which specializes in building a cloud-native composable core banking platform, enables client banks to enhance their digital capacities and transform from legacy systems. The funding round was led by private investors, Bezinga reports.

Founded by Armenian entrepreneur Davit Baloyan, Highway aims to tap into the massive embedded finance market, which is expected to grow to $7.2 trillion by 2030 according to a forecast by embedded finance expert Simon Torrance.

Baloyan is an experienced banking executive with a focus on digital banking and has successfully launched digital products in Armenia before, including point of sale lending and QR payments system. He was joined by four other co-founders at Highway, with the goal to grow the company into a large international player in the fintech industry.

“We are happy to close this funding round which will allow us to continue growing our team in Armenia and focus on expanding our business in our target markets. We see a huge opportunity for growth globally as many incumbent banks today are stuck with their legacy core banking platforms and are missing out on the game to new challenger players. We are here to empower and help banks to build more innovative and customer-friendly products,” Baloyan said.

Highway’s team is currently based in Armenia, where the company has focused its hiring. By the end of 2022, the management plans to grow its team to about 50 members, all in Armenia. “We are very proud of our team in Yerevan and see that the talent market still has much more potential to grow here,” Baloyan remarked.