Finxact, a fintech firm that develops back-end technology used by banks to process some transactions, has raised $30m in equity financing from new and existing investors.

Accenture Ventures, SunTrust Banks and American Bankers Association, a trade group for US banks, joined the round as new investors.

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The funding round was also joined by the start-up’s existing investors including Live Oak Ventures, First Data, Woodforest National Bank, and TNI.

Finxact fintech: Future plans

Finxact intend to use the money to support the development of its new core banking platform.

It is currently developing Core as a Service banking solution, which will enable the financial institutions to integrate new services. The platform will also help the banks to switch to a real-time digital banking enabled system of record.

The company, along with its partners, aims to deliver a new platform that will enable the banks to replace the legacy infrastructure and offer more digital services to the customers.

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Finxact founder and CEO Frank Sanchez said: “We started Finxact in the beginning of 2017, and we have focused on building a banking system of record that can effectively replace legacy core systems and also serve as a platform for rapidly evolving digital banking requirements.

“We’ve developed a platform that is functionally robust, reliable, scalable and highly efficient. We have multiple customer implementations currently underway and have raised capital to expand our capacity to go to market on a broader scale.

“We also plan to expand our integration activities with the financial services ecosystem and to mitigate the risk and complexity historically associated with core system migrations.”

Currently, the company is working with multiple US-based and international banking institutions to support their transformation.