Malvern-based Savana, a software company for banks and fintech, recently completed Series A funding, raising $45 million, which will go toward Savana’s Digital Delivery Platform and go-to-market activities.
Funding was led by Georgian, a Toronto-based investment firm focused on growth-stage software companies.
Fiserv, a payments and financial services technology provider, also participated in the funding round. It will expand its existing reseller agreement.
“We’re thrilled to have the backing of Georgian and Fiserv as look to redefine customer-first banking operations,” Savana CEO and Chairman Michael Sanchez said. “The banking industry is going through an incredible transformation. 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’s Digital Delivery Platform works with traditional and Gen3 systems to provide customers with automated bank operations, account servicing for bank teams and customers, and customer engagement. It ensures a consistent experience for all customers.
The API-first and cloud-native technology can be used by existing as well as new banks. The banking industry needs this type of technology, Georgian said.