Finxact Raises $30m from Accenture and US Banking Group

Financial technology company Finxact announced this Friday that it has secured an additional $30 million in funding.

According to a statement released by the firm, that cash will be put towards growing the company and improving its service offering. The company is hoping that it will be able to provide software as a service to banks.

"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," said Frank Sanchez, Finxact's CEO and founder. "We've developed a platform that is functionally robust, reliable, scalable and highly efficient."

Based in Jacksonville, Florida, Finxact first managed to raise $12 million back in May of 2012.

That Funding Round Funding Round Startups look to raise capital can participate in a funding round. These refers to the various rounds of funding that occur upon proof of concept, customer base growth, and the probability of success. While they are various types of funding rounds, the most commonly seen in startups include the following funding rounds: Seed, Series A Fundraising, Series B Fundraising, and Series C Fundraising. In order for a funding round to take place, a valuation must be performed by analysts for the business Startups look to raise capital can participate in a funding round. These refers to the various rounds of funding that occur upon proof of concept, customer base growth, and the probability of success. While they are various types of funding rounds, the most commonly seen in startups include the following funding rounds: Seed, Series A Fundraising, Series B Fundraising, and Series C Fundraising. In order for a funding round to take place, a valuation must be performed by analysts for the business Read this Term was led by LiveOak Venture Partners - a venture capital firm based in the great state of Texas.

The statement released by Finxact on Friday morning indicates that the venture capital firm has also contributed to this funding round.

Not alone

But the Texas-based company wasn't the only one to inject cash into Finxact.

The American Bankers Association, SunTrust Bank and Accenture Ventures, the investment arm of the management consultancy firm, all invested in the software company. Those firms were joined by other prior investors, including First Data and Woodforest National Bank.

"We are pleased to invest in and form a strategic alliance with Finxact, enabling us to jointly bring our clients innovation that will help them transform to meet the digital needs of today and tomorrow," said Brett Goode, a managing director at Accenture and head of the company's North America Core Banking Practice.