Chester County fintech Savana plans to add 100 employees over the next year after raising $45 million in fresh funding.
CEO Michael Sanchez said most of those jobs will be at the company's Malvern headquarters. The company is seeking a variety of candidates within several departments including developers, analysts and sales executives.
The new hires will add to Savana's current staff of around 200 employees with the “highest concentration” coming from the Philadelphia area. The company also has employees throughout the U.S. and in India.
Founded in 2009, Savana's banking services software aims to troubleshoot problems surrounding clients trying to digitalize banking experiences. The company also assists with accounts, operations and engagement online.
Savana currently produces software for thousands of banks, Sanchez said, and has about 20 direct clients, a figure that is rising.
Sanchez said the company's Series A funding, led by Toronto venture capital firm Georgian, will allow the company to expand in an expedited fashion.
“It really lets us hire in advance of need and anticipate the demand better because we have the capital to do that,” Sanchez said. “That was the main reason for raising the funds. Now that we have a product that a lot of people want, we have to be able to scale the demand.”
While Savana is looking to attract candidates from Greater Philadelphia, other remote and hybrid opportunities will be available, a company spokesperson said. Employees are currently using only about half of the company’s 31,000-square-foot office space at the Great Valley Corporate Center in Malvern.
In adding talent, Sanchez said the company is placing a special emphasis on tech skills, customer service and financial know-how.
"If you know banking, and are technical, and are great with customers, you’re hired," he said.
In addition to staffing increases, the $45 million funding round will be used to further development of the company’s digital delivery platform.
“We call it digital delivery because if you’re on a mobile device the software has to deal with it,” Sanchez said, adding how the software technology allows banks to connect “legacy systems” to digital pathways such as online and via mobile devices.
Sanchez said the Covid-19 pandemic spotlighted a need for fintech services like Savana’s as consumers adopted more remote banking habits.
“It really accelerated the need for technology like ours, which allows a bank to really deliver digitally,” Sanchez said.
Sanchez said Savana doesn’t intend to raise additional funds after receiving the cash infusion on Tuesday. He added that he hopes the additional capital will lead to long-term success.
“We don’t have plans because we believe these funds will take us through profitability and to positive cash flow,” he said.
