US-based digital banking technology provider Apiture completed a $20m funding round on Tuesday that included financial services firm Pinnacle Bank and funds and accounts advised by investment manager T. Rowe Price.
Apiture produces open and digital banking software that enables banks and credit unions to modernise their services. It claims to have more than 400 financial institutions in its customer base.
The company was founded in 2017 as a joint venture between financial services firm Live Oak Bank and First Data, the payment processor subsequently acquired by financial technology provider Fiserv in a $22bn all-share deal.
Pinnacle Bank is already an Apiture customer and Hugh Queener, its co-founder and chief administrative officer, is joining the company’s board of directors in conjunction with the round.
Queener said: “As a customer of Apiture for more than a decade, we have seen first-hand their ability to partner with our firm for growth and commitment to creating an excellent client experience.
“This is an important investment for Pinnacle and an opportunity for us to help contribute to the future of digital banking technology. I am looking forward to joining the board to help enable continued growth at Apiture.”
