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National SBA lender Live Oak Bank goes live on Finxact

By Pavithra R

September 22, 2020

  • Finxact
  • Live Oak Bank
  • USA
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Finxact, a Core banking software provider, has announced that Live Oak Bank (Live Oak) offering small business loans and online savings and CD accounts is now powering its digital banking ecosystem with the Finxact core. 

Finxact is also powering the bank’s PPP loan portfolio that is helping over ten thousand small businesses, including both new and existing customers. The bank began offering business savings and CDs on the Finxact platform to its growing deposit customer base.

“This is a significant milestone for Live Oak Bank. We have put an incredible amount of energy into recreating the financial services landscape, and a modern core is key to that transformation. As we move forward, the possibilities of what we can build for our customers are endless,” said Chip Mahan, Live Oak Bank Chairman and CEO.

Founded in 2008, Live Oak has over $8 bn in assets and is among America’s most active small business lenders, with specific expertise in SBA 7a and USDA programs. The bank has chosen Finxact’s core computing platform for its retail operations to better meet the evolving needs of its customers by improving integration among banking channels, lowering operating costs, and shortening the time to market for new products.

In the Live Oak deployment, Finxact is integrated with various FinTech providers that deliver a full stack of banking services to Live Oak’s customers. These providers include Apiture for digital origination and banking, Savana for account servicing, and nCino for a 360-degree view of the customer.

“We’re excited to provide the core banking platform that Live Oak Bank will rely on to implement their vision of the future of banking in the digital era. We worked very closely with the bank and best-in-class fintech providers to deliver a scalable, agile and regulatory compliant solution that will allow Live Oak to innovate and evolve their business on their own terms,” said Frank Sanchez, CEO and founder of Finxact.

Founded in 2016, Finxact is innovating the first enterprise-class public cloud/private data Core-as-a-Service platform with a completely open banking API. The company has secured the funding and support of strategic investors that include the American Bankers Association (ABA), First Data, Accenture Ventures, SunTrust Bank, Live Oak Ventures, Woodforest National Bank, T.N. Incorporation Ltd., and other strategic industry leaders.

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