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Fintech startup Finxact backed by Accenture and the American Bankers Association

Monday 28 January 2019 11:03 CET | News

Accenture, SunTrust Banks and the American Bankers Association, a trade group for US banks have joined a USD 30 million investment round in Finxact.

Existing investors, including Live Oak Ventures, First Data, Woodforest National Bank and T.N. Incorporation of Thailand also participated in the round. The startup develops the back-end technology used by banks to process transactions and plans to use the funding to develop its technology and grow its operations. The fintech targets regional and community banks but also works with neo banks, or large banks who plan to migrate their old systems.

The investment comes as banks of all sizes seek to offer more digital services to their customers. Many of their systems were built decades ago and are ill-equipped to handle services customers have come to expect in the internet age such instant peer-to-peer payments or real-time account balance updates.

Nevertheless, the US-based startups says its more modern cloud-based platform is built to enable banks to offer better digital services to their customers and is less expensive to run than older systems, according to Reuters.


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Keywords: Accenture, SunTrust Banks, funding, investment, fintech , American Bankers Association, Finxact, US, cloud banking, core banking software
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Countries: World