Apple launched a credit card last year that offers special rewards for those who make purchases with an iPhone or use it to buy the company's products. The card is a new line of business for Apple but also a way to tighten its relationship with loyal customers.

Other companies may like to do the same by offering banking products tied to their brand. But the reality is that doing so is incredibly difficult, both from a technological standpoint and a regulatory one.

That's why the arrival of a startup called Bond is intriguing. Launched by Roy Ng, the former COO of the cloud platform Twilio, Bond provides software that lets companies of all sorts offer products such as credit cards and debit cards. Bond has also worked to ensure the software integrates with a network of banks that can handle the regulatory obligations on behalf of its customers.

On Wednesday, Bond announced it has raised $32 million led by Coatue's VC fund. Other investors include Mastercard, Canaan and Goldman Sachs—the bank that provides the financial backend for the Apple Card. Individual backers include John Mack, former Chairman and CEO of Morgan Stanley, and angel investor Sarah Friar.

Read more at Fortune here.

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