Atlanta-based First Data, a fintech payments company, and Live Oak Bank have raised a $20 million round for a fintech joint venture, Apiture.
Apiture, a digital banking experience company based out of Wilmington, N.C., will use the new capital to develop digital banking technologies, according to a news release.
“This additional capital underscores our continued investment in the Apiture Xpress platform, confirming our commitment to the hundreds of banks and credit unions we serve. The funding also supports our delivery and growth in Apiture Open, our API first, cloud-native digital banking product,” Chris Babcock, Apiture’s CEO, said in a statement.
The investment was backed by funds and accounts advised by T.Rowe Price Associates, Inc. and Pinnacle Bank. As part of the deal, Pinnacle Bank co-founder and chief administrative officer Hugh Queener will join Apiture's board of directors.
“Financial institutions are increasingly focused on effective customer engagement in a digital-centric and constantly evolving marketplace. Apiture’s mission is to put control back into the hands of financial institutions by providing the tools and resources they need to compete in a transformative market. This investment will allow us to accelerate that mission,” said Babcock.
Apiture serves more than 400 customers in the financial space in the U.S.
