Digital banking solution developer Apiture has scored $29m in a funding round, which was led by Live Oak Bank.
Contributions also came from unnamed existing investors.
With the capital, the company plans to expand its sales and marketing efforts, accelerate its product development initiatives and meet increased demand for the Apiture Digital Banking Platform, which is currently used by over 300 banks and credit unions in the US.
The company has an API-first strategy that helps clients implement their own digital banking services. These include consumer banking, business banking, accounting opening, data intelligence and more.
Apiture CEO Chris Babcock said, “Our platform is built by bankers, for bankers, which uniquely positions Apiture to deliver best-in-class solutions that help financial institutions of all sizes level the playing field with national brands.
“We appreciate the confidence our existing investors have demonstrated in our business through this fundraising round. It is worth noting that two-thirds of the capital we have raised in this round has come from investors that are also Apiture clients, including Live Oak Bank, Pinnacle Bank, and BHG Financial. Their investment both underscores and reinforces the strength of Apiture’s solutions in a competitive market.”
With the close of the round, the company has raised a total of $69m since it was founded in 2017.
The company previously closed a $20m funding round in 2020, which was backed by T. Rowe Price Associates and Pinnacle Bank.
Earlier in the year, open banking provider Bud closed its Series B funding round on $80m.
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