Savana, a financial software startup for banks and FinTechs, has raised $45 million in Series A funding round, according to a Tuesday (Aug. 2) press release.
It will use the capital to drive the growth of its core digital delivery platform and accelerate the development of new capabilities, the release stated.
Headquartered in Malvern, Pennsylvania, Savana delivers next-generation channel and product agnostic customer engagement, account servicing and automated bank operations through its digital delivery platform, according to the release.
CEO and Chairman Michael Sanchez said in the release the company is looking to “redefine customer-first banking operations.”
“The banking industry is going through an incredible transformation,” he said, per the release. “This funding round will help support the growth of our digital delivery platform to enable any bank, whether new or going through transformation of existing technology infrastructure, to speed time to market of new products and services, support continuous digital innovation and drive significant operational efficiency.”
Savana provides an application programming interface (API)-first digital delivery platform that is cloud-native and orchestrates a bank’s technology ecosystem to “eliminate silos and automate servicing for bank teams and customer-originated requests,” the release stated.
The pre-configured, end-to-end process automation and integrations are intended to make for a faster time to market while also driving a frictionless experience for customers across all channels, according to the release.
The Series A was led by Georgian, a growth-stage investor based in Toronto, Canada, with participation from Fiserv, a global provider of payments and financial services technology. Fiserv also is planning to expand its existing reseller agreement with Savana, the release stated.
“The banking industry needs digital delivery platforms that easily integrate new and existing infrastructures and use the data from all systems seamlessly on any channel…,” said Georgian Lead Investor Emily Walsh in the release.
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