Finxact bags $12m for core Banking-as-a-Service

Core banking-as-a-Service company Finxact has secured $12m in one of the largest FinTech Seed funding rounds to date.

The funding comes from strategic investors including Live Oak Ventures as well as angel backers.

The Jacksonville-based business offers a public cloud and private data core banking system that includes open APIs.

It aims to enable banks to deliver new services more easily than the legacy software many are encumbered by.

Finxact CEO and founder Frank Sanchez said: “We are fortunate to have the support of the banking and financial services industry.

“We have known, and worked with our investors for 30-plus years, and together we have delivered new core solutions to banks of every size.

“Today, we have the depth in our team, the know-how, the technology, a great set of early customers, and now – the initial resources, to launch a new class of core banking as a service.”

The company will use the hefty Seed round to complete the development of its Finxact Core product.

It aims to bring its first live customers on board this year with it becoming generally available in 2018.

Copyright © 2017 FINTECH GLOBAL

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