Finxact, a Jacksonville, Fla.-based SaaS core banking company, raised $30m in equity financing.
Backers included the American Bankers Association (ABA), Accenture Ventures, SunTrust Bank, and other strategic and existing investors, including Live Oak Ventures, First Data, Woodforest National Bank, and T.N. Incorporation Ltd (TNI) of Thailand.
The company intends to use the funds to complete development and build scale to match the market’s demand for its platform.
Led by CEO and founder Frank Sanchez, Finxact provides a SaaSD core banking platform for banks to differentiate their customer experiences by integrating new services and migrating to a real-time digital banking enabled system of record, and deliver commercial and technical scale to compete and grow.
The company is currently working with multiple U.S. and international financial institutions, from de novo banks to top-tier banks, on projects ranging from full bank conversions to digital-only initiatives.