Financial services customer onboarding platform Liveoak Technologies has secured a $2.5m investment, alongside new strategic partnerships.
The investment round was led by Broadhaven Capital Partners and Wild Basin Investments. Manulife, Northwestern Mutual Future Ventures and Gibraltar Ventures also took part in the round and also closed new strategic partnerships with Liveoak.
Other contributions to the round came from Techstars Venture Capital Fund, MATH Venture Partners, Zelkova Ventures, and Cartavi founder Glenn Shimkus.
Texas-based Liveoak provides businesses with remote onboarding, identity verification tools and tools to keep human expertise and interaction throughout the digital customer journey. Through the platform clients can verify a customer identity and reduce fraud through its real-time photo/video ID capture.
The solution also offers electronic signatures, document editing, data tacking and storage for compliance and audit trails, bank-grade security and the reduction of missing and inaccurate data in accounts.
The new round of financing will be used to accelerate Liveoak growth and to expand its platform to further improve customer onboarding outcomes and digital transactions.
Broadhaven Capital Partners venture partner Michael Sidgmore said, “Liveoak’s technology is transformative for the digital transaction management process if eSignature solutions have solved the last mile problem for the digital completion of transactions, we see Liveoak as the solution that enables enterprises to get to the last mile faster.”
Founded in 2015, the company new equity round brings total venture fundraising efforts to $5.3m.
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