Eltropy Raises $21M in Funding

Eltropy, a Milpitas CA-based provider of a digital communication suite for financial institutions, raised $21M in funding.

The round was led by K1 Investment Management.

The company intends to use the funds to more than double its headcount and further invest in its all-in-one communication suite.

Led by Ashish Garg, CEO and founder, Eltropy is a messaging-based platform focused on driving operational efficiency for financial institutions. The solution enables credit unions, banks and other financial institutions to communicate with their customers via text message combining speed, security and regulatory compliance. Additionally, the company integrates into the core financial service software ecosystem and is compliant with a range of regulatory requirements.

Eltropy currently serves over 200 financial institutions, including Patelco Credit Union, SELCO Community Credit Union and Wescom Credit Union.