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Finxact raises $12m for cloud-based core banking system

Finxact has raised $12 million in seed funding for its cloud-based core banking system, Finxact Core. The cash was raised from a mixture of investors and angels, including “some of the banking industry’s most influential participants and pioneers.” It will be used to complete development on its flagship system. The platform is expected to go live with its first customer in 2017, with general availability in 2018.

Finxact Core is labelled as the “first enterprise-class public cloud core-as-a-service platform”. It promises a core banking service that will help banks cope with today’s “always-on, digital-first” customer. The system will be furnished with an Open Banking API and will allow banks to “seamlessly deliver new services”.

The company argues that many next-gen vendors are too focused on new banks and challengers. Finxact, avoiding that market, plans to target existing players. It says that it aims to help FIs whose core banking needs “are much more comprehensive”. The firm is aiming to target banks in $2 billion to $20 billion asset range.

At the core

Finxact Core is designed to run on the cloud, specifically Amazon Web Services. The new vendor’s motto is “core-as-a-service”, maintaining that outsourcing systems is a great saver of time and money for banks.

The core banking system is built around a set of network APIs. Through these, FinTech suppliers can provide preconfigured solutions to banks. The idea is to combine Finxact Core with the best-of-breed solutions for mobile banking, risk management. Finxact, it seems, aims to be avoid the trap of being a jack-of-all-trades and a master of none.

“A unique approach”

“We have known and worked with our investors for more than 30 years,” says Frank Sanchez, CEO and Co-Founder of Finxact. “Today, we have the depth in our team, the know-how, the technology, a great set of early customers, and now – the initial resources, to launch a new class of core banking as a service.”

Mike Sanchez, Finxact Co-Founder, adds: “We’ve been building and delivering enterprise class core banking for decades and Finxact is taking a unique approach to solving the significant problems banks face today.” It is critical, he says, that banks “have the flexibility to rapidly respond to consumer demands”.

The Sanchez brothers are positioned “at the forefront of core banking software” since developing real-time software for banks in 1990. Both founded Sanchez Computer Associates and created its core banking system Profile. The company was sold to FIS in 2004.

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