Malvern financial technology company Savana has raised a $45 million Series A funding round to further expand its digital capabilities and increase overall operations.
The financing round was led by Georgian, a Toronto venture capital firm investing in startups to scale products. Fiserv, a Wisconsin fintech company specializing in mobile banking technology, also contributed to the Series A funding round. Fiserv will also expand its existing reseller agreement with Savana.
Frank Sanchez, the brother of Savana CEO Michael Sanchez, is vice chairman of Fiserv and CEO of Finxact.
Founded in 2009, Savana offers digital banking services through an application programming interface. The software aims to troubleshoot problems surrounding clients trying to digitalize banking experiences. The company also assists with accounts, operations and engagement online.
“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," Michael Sanchez said in a statement.
Savana previously raised $2.9 million in March 2020, a funding round led by the VC arm of Live Oak Bank, a North Carolina bank that is also one of the company's clients.
Michael and Frank Sanchez are longtime members of the fintech space, starting Sanchez Computer Associates in 1979 and taking it public in 1996. In 2004, Fidelity National Financial paid $180 million to acquire the company and merge it with its subsidiary Fidelity Information Services. Michael Sanchez was head of FIS's international division until he left the company in 2009 to oversee Savana.
