Allison Fintech Co., a Birmingham, Alabama-based provider of a banking-as-a-Service (“BaaS”) platform, received an investment from Alabama Futures Fund.
The amount of the deal was not disclosed.
The company intends to use the funds to expand operations and its business reach.
Led by Brian Alvarez-Bailey, CEO, Allison is a Banking-as-a-Service platform that enables banks to incorporate fintech products into their traditional payment remittance and banking service offerings. Its BaaS offering utilizes software that connects non-bank financial services customers with participating banking partners and incorporates compliance tools, low-code workflow creation tools, and embedded finance functionality.
Allison’s proprietary software is used by community banks and credit unions.
In connection with the investment from AFF, Allison will relocate its headquarters to Birmingham, Alabama, while maintaining an office in Tampa, Florida, and establishing a presence in the tech-savvy city of Austin, Texas. These locations are the foundation of Allison’s nationwide growth strategy, driven by its mission to revolutionize banking operations with its groundbreaking software.
FinSMEs
05/06/2023