WILMINGTON — Two years after its launch, fintech startup Apiture is getting ready to scale after closing on a $20 million fundraising round.
The Wilmington-based firm, with a second office in Austin, is developing what it calls “transformational” digital banking technologies. It secured backing by funds and accounts advised by T. Rowe Price Associates, Inc. and Nashville-based Pinnacle Bank.
“Financial institutions are increasingly focused on effective customer engagement in a digital-centric and constantly evolving marketplace,” said Chris Babcock, Apiture’s CEO, in a statement.
“Apiture’s mission is to put control back into the hands of financial institutions by providing the tools and resources they need to compete in a transformative market. This investment will allow us to accelerate that mission.”
Apiture’s products, Apiture Xpress and Apiture Open, already serve over 400 financial institutions in the United States.
“This additional capital underscores our continued investment in the Apiture Xpress platform, confirming our commitment to the hundreds of banks and credit unions we serve. The funding also supports our delivery and growth in Apiture Open, our API first, cloud-native digital banking product,” said Babcock.
Hugh Queener, a co-founder and chief administrative officer at Pinnacle Bank, a long-time customer, will join the Apiture board of directors.
“As a customer of Apiture for more than a decade, we have seen firsthand their ability to partner with our firm for growth and commitment to creating an excellent client experience,” he said. “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.”
Founded in 2017, Apiture is a joint venture between First Data Corporation and Live Oak Bank, a subsidiary of Live Oak Bancshares Inc., one of the nation’s leading originators of small business loans.
Its mission: to reimagine the digital banking experience for banks and unions across the industry.
Live Oak Bank also founded nCino, the cloud-based lending platform in 2012 and then then spun it out as an independent company. Last month, NCino disclosed it had filed a registration statement with the SEC for an initial public offering of stock. It is seeking as much as $100 million.