US-based banking software developer Finxact has received $30m in funding from investors including professional services firm Accenture and payment technology provider First Data.
Trade group American Bankers Association, financial services firms Woodforest National Bank and Suntrust Bank, consulting firm TN and venture capital firm LiveOak Ventures also contributed to the round, while Accenture took part through its Accenture Ventures unit.
Founded in 2016, Finxact has developed a platform intended to upgrade the back-end technology and architecture currently used by banks to process certain transactions, helping them to create and integrate new digital services without overhauling their whole system.
Brett Goode, Accenture’s North American banking lead, said: “The core banking market in the US is set to experience significant disruption in the near future, as banks continue to grow frustrated with their existing core providers and advances in cloud and digital technology make it possible to upgrade aging systems without doing a full rip and replace.
“We are pleased to invest in and form a strategic alliance with Finxact, enabling us to jointly bring our clients innovation that will help them transform to meet the digital needs of today and tomorrow.”
Finxact had raised $12m in a May 2017 seed round that included Live Oak Ventures and unnamed strategic backers and angel investors.