Core-as-a-Service banking technology provider Finaxct has raised $12 million in seed funding from a group on angel and strategic investors including Live Oak Ventures. The funds will be used to complete development of Finaxct Core which should see its first live customers in 2017 before realizing general availability in 2018.
In a release Finaxct cited a KPMG study showing 60 per cent of banks are either planning to or have started replacing their entire core system. That is why they are focusing on existing banks and not startups, founder and CEO Frank Sanchez said.
“We are fortunate to have the support of the banking and financial services industry. We have known, and worked with our investors for 30-plus years, and together we have delivered new core solutions to banks of every size. 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.”