Finxact Announced USD $30 million in Equity Funding for Core Banking Cloud Service

Finxact, a SaaS Core Banking company, has secured USD $30 million in equity finance to support its growth and builds scale to meet market demands for its core banking platform.

Existing and new partners have invested in the latest financing round. Finxact’s existing investors participated in current round are Live Oak Ventures, First Data, Woodforest National Bank, and T.N. Incorporation Ltd (TNI) of Thailand. The new investors are the American Bankers Association (ABA), Accenture Ventures, SunTrust Bank, and other strategic industry leaders.

Executive Opinion

Finxact CEO and founder, Frank Sanchez, said, “We started Finxact in the beginning of 2017, and we have focused on building a banking system of record that can effectively replace legacy core systems and also serve as a platform for rapidly evolving digital banking requirements. We’ve developed a platform that is functionally robust, reliable, scalable and highly efficient. We have multiple customer implementations currently underway and have raised capital to expand our capacity to go to market on a broader scale. We also plan to expand our integration activities with the financial services ecosystem and to mitigate the risk and complexity historically associated with core system migrations.”

President of Finxact, Michael Sanchez, said, “The Finxact core is designed to address the entire marketplace from community banks and credit unions to the largest money center banks. As we transition from our initial development phase to market delivery, we are working with our service partners in each segment to develop a new set of best practices that not only reduce the risk of transformation but also the implementation cycle time.”

Finxact's Core as a Service platform

The announcement pointed out the lack of innovation in core banking technology making financial institutions to bear high cost and less agility towards responding to customer requirements.

Finxact is working on enterprise-class cloud-native Core-as-a-Service platform with a 100 percent accessible open banking APIs. Finxact’s modern architecture allows in integrating new services and migrating to real-time digital banking enabled and regulatory compliant system of record for processing core banking transactions.

Finxact is working with best-of-breed modern technologies and partners that bring an entire set of banking services which can be seamlessly integrated into Finxact’s Core as a Service for end-to-end Software as a Service (SaaS) offerings. Thus leveraging obvious benefits of cloud computing such as rapid time to market, lower operating costs, and a more compelling value proposition to the industry.

Finxact also said that it 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.