Andera, a Providence, R.I.-based provider of online customer acquisition solutions to financial institutions, received a $9m investment from Edison Ventures.
The capital will be used to grow sales, marketing, and product development.
Andera, whose solutions allow financial institutions to open and fund new accounts in a simple online process, creating a highly-profitable sales channel.
The technology is integrated with all major bank and credit union core systems and features risk management, fraud detection, compliance, cross-selling, analytics, and funding options.
The company’s customer base currently includes over 425 institutions ranging from community credit unions to top-ten banks.
In conjunction with the investment, Michael Balmuth and Samantha Roady, General Partner and Director Network member at Edison Ventures, respectively, will join Andera’s board of directors.