Micronotes has announced it has managed to secure a $2m extension to its series C funding round, which now totals $7.5m.
The Massachusetts-based company secured the cash injection from BankTech Ventures, to extend upon the $5.5m that the US organisation already managed to land in the round from Experian Ventures and existing Micronotes investors, including TTV Capital.
It is expected that the firm will use the funds to accelerate its growth in the community banking sector and help more communities get a lot more out of their banking relationships.
Micronotes Founder and CEO Devon Kinkead said: ““We’re thrilled to partner with BankTech Ventures, this strategic investment will help us accelerate our growth in the community banking sector and help more communities get a lot more out of their banking relationships.”
Founded by tech entrepreneurs from MIT, Micronotes.ai delivers cloud-based big data, analytics, and digital engagement solutions to financial institutions that want to start conversations, develop relationships, and build trust with new and existing customers and members.
The organisation claims it has reimagined the ways in which financial institutions book loans, grow deposits, and increase retention.
Micronotes.ai aims to assist its users on their way to punch above their asset class, using real-time data across multiple sources to deliver unprecedented insight to consumers and the institutions that serve them.
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