# Finxact

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/finxact

- Industry: Software
- Headquarters: Jacksonville, US
- Website: www.finxact.com
- Total disclosed funding: $12M
- Latest round: Seed (May 9, 2017)
- Investors on record: 1

## About

Finxact, Inc. is a financial technology company that provides a cloud-native banking platform, enabling financial institutions to innovate and enhance their service offerings through API-first solutions and seamless integrations.Founded in 2016, Finxact, Inc. is headquartered in Jacksonville, US, focusing on delivering next-generation banking solutions. The company was founded by Michael Sanchez, and its CEO is Frank Sanchez. In February 2022, Fiserv, Inc. agreed to acquire Finxact for approximately USD 650 mn, which will bolster Fiserv's digital banking strategy and expand its account processing and payment solutions. The firm has completed three deals to date, with the latest transaction occurring in 2022, raising a total of USD 30.00 mn.Finxact specializes in providing a next-generation financial services platform that enables banks, fintechs, and other financial institutions to design, configure, and launch innovative financial products and features. Their core offerings include cloud-native, API-first solutions that facilitate seamless integrations for various financial functionalities, particularly in payments and embedded finance. The platform is utilized by a diverse client base, including institutions like First Horizon and Live Oak Bank, which leverage its capabilities to enhance their digital presence and serve specific market segments such as small businesses.Finxact’s revenue model is structured around subscription-based services and partnerships with financial institutions and fintechs. Clients enter agreements to implement Finxact’s solutions, which encompass transaction processing for payments and other financial services. Revenue is generated as clients utilize the platform through tiered pricing plans based on the range of features accessed, while specific pricing details remain proprietary. The firm's flagship offerings provide comprehensive solutions designed to enhance operational efficiency for clients and their end-users, ensuring a streamlined experience across various financial products.Finxact is focused on developing new products and expanding into new geographic markets. Following the acquisition by Fiserv, the strategy includes enhancing its account processing and digital solutions to meet evolving market demands. The recent funding will support these initiatives, particularly by enabling the integration of advanced capabilities into Finxact's platform. Specific markets targeted for expansion include additional regions within the United States, with ongoing evaluations for potential international opportunities.

## Funding rounds

- Seed, May 9, 2017, $12M — LiveOak Venture

## Investors

- LiveOak Venture (https://capitalatlas.ai/funds/liveoak-venture) — Seed