News

Cloud-based core banking startup Finxact raises $30M in funding round

January 25, 2019

Finxact, a startup in the field of SaaS core banking, has raised $30 million from a group led by the American Bankers Association, Accenture Ventures, SunTrust Bank and others.

Existing Finxact lenders, including First Data, Live Oak Ventures, T.N. Inc. Ltd. of Thailand and Woodforest National Bank are participating in the round, according to a press release.

The funding will be used to support the company's growth as it completes development and builds scale for its new core banking platform, according to Finxact.

"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," Finxact CEO Frank Sanchez said in the release.

He said there are multiple implementations underway and the company has funding to go to market on a larger scale. The company also plans to expand the integration of its platform with the larger financial services ecosystem.