Core10 secures $6.5m in Series B funding round

By Edlyn Cardoza

Core10, Inc., a U.S.-based financial technology company that provides lending and account opening products and software development services, announced the close of a $6.5 million Series B funding round to support the expansion of its Accrue platform and banking integration services. The capital round brings the company’s total funding to $12.5 million and is led by Patriot Financial Partners, with participation from JAM FINTOP and the Independent Community Bankers of America (ICBA).

“Accrue offers an efficient and affordable pathway for community banks responding to growing demand for digital experiences that deliver convenience and speed,” said ICBA’s Executive Vice President and Chief Innovation Officer Charles Potts. “We believe Core10 is at the forefront of technology companies that are fueling the success of community banks’ digital transformation strategies and are pleased to be part of their innovation journey.

Operating exclusively in the FinTech and financial services industry, Core10 provides banking technology integration services and banking and lending products. This latest funding round enables Core10 to scale the development growth of the Accrue platform and business unit and strengthen the company’s banking technology and integration services line of business.

Accrue provides digital account opening, digital lending, and core/FinTech connectivity to accelerate community banks’ digital transformation strategies. An alumnus of the 2022 ICBA ThinkTECH Accelerator program, Accrue is an OEM Salesforce Partner and delivers a highly-configurable and scalable solution built specifically for community financial institutions.

“While many banks may not think they have the time or resources to elevate their digital experience, Accrue offers an efficient, affordable way to implement cutting-edge technology. We aim to proactively accelerate banking innovation, and we believe Core10 is at the forefront of technology companies that are fueling the success of community banks’ digital transformation strategies,” Potts continued.

In addition to Accrue, Core10 has a deep background in banking technology integration and implementation services. Core10’s API integration experts provide community financial institutions and FinTechs with subscription and project-based integration solutions to eliminate backlogs, reduce staffing costs and support business growth opportunities.

Core10 pioneered the Hereshore model with an entirely North American-based team located in communities across the United States and Canada, which enables the company to maintain competitive servicing costs and more robust security measures.

“We are incredibly grateful for the opportunity to partner with the strategic, forward-looking investors of Patriot Financial Partners, JAM FINTOP and ICBA,” said Jeff Hanson, CEO of Core10. “Each of these partners recognizes and shares our commitment to helping community banks unleash their market potential and achieve their digital innovation goals. Accrue allows us to deliver on the services that community FI’s are looking to offer to their customers and members. Not only does Accrue support much of the digital commercial and retail banking experiences, but it also enables a community FI to remain relevant and competitive. Core10 is excited to see how this investment will help sustain and strengthen our growth throughout 2023 and years to come.”