Core10 secures $6.5 million in Series B funding round
New capital investment to increase development of digital account opening and lending platform, strengthening of financial technology services
FRANKLIN, Tenn., January 19, 2023–(BUSINESS WIRE)–Core10, Inc. (Core10), a US-based financial technology company that provides lending and account opening products, as well as software development services, today announced the closing of a $6.5 million Series B financing round to support the expansion of The Accrue Platform and Bank Integration Services. The capital round brings the company’s total funding to $12.5 million and is led by Patriot Financial Partners, with participation from JAM FINTOP and Independent Community Bankers of America (ICBA).
Operating exclusively in fintech and financial services, Core10 offers banking technology integration services, as well as banking and lending products. This latest round of funding enables Core10 to scale the development growth of the Accrue platform and business unit and strengthen the company’s banking technology and integration services business area.
Accrue offers digital account opening, digital lending and core/fintech connectivity to accelerate community banks’ digital transformation strategies. An alumnus of the 2022 ICBA ThinkTECH Accelerator program, Accrue is an OEM Salesforce partner and delivers a highly configurable and scalable solution built specifically for community financial institutions.
“Accrue offers an efficient and affordable path for community banks to respond to growing demand for digital experiences that deliver convenience and speed,” said ICBA Executive Vice President and Chief Innovation Officer Charles Potts. “We believe Core10 is at the forefront of technology companies fueling the success of community banks’ digital transformation strategies and are excited to be a part of their innovation journey.
“While many banks may not believe they have the time or resources to elevate their digital experience, Accrue offers an efficient and affordable way to implement cutting-edge technology. We aim to proactively accelerate banking innovation, and we believe the Core10 is at the forefront of technology companies which fuels the success of community banks’ digital transformation strategies,” Potts said.
In addition to Accrue, Core10 also has a deep background in banking technology integration and implementation services. Core10’s API integration experts provide financial institutions and fintechs in the community with subscription and project-based integration solutions to eliminate backlogs, reduce staffing costs and support business growth opportunities. Core10 pioneered the Hereshore® model with an entirely North American-based team located in communities across the US and Canada, enabling the company to maintain competitive service costs and stronger security measures.
“We are incredibly grateful for the opportunity to partner with the strategic, forward-thinking investors of Patriot Financial Partners, JAM FINTOP and ICBA,” said Jeff Hanson, CEO of Core10. “Each of these partners recognizes and shares our commitment to helping community banks unlock their market potential and achieve their digital innovation goals. Accrue allows us to deliver on the services that community FIs want to offer to their customers and members. Not only does Accrue support many of the digital commercial and retail banking experiences, but it also enables an FI community to remain relevant and competitive. Core10 is excited to see how this investment will help sustain and enhance our growth through 2023 and beyond.”
About Patriot Financial Partners
Founded in 2007, Patriot Financial Partners is a private equity firm focused on investing in community banking, thrift and financial services related companies throughout the United States.
Patriot’s investment objective is to apply a practical value-added investment model to non-controlled investments within the community banking sector, including both public and privately held depository institutions that have between $500 million and $5 billion in assets. Patriot has expanded its focus to include adjacent niche markets within the financial sector that are closely related to banks. For additional information about Patriot Financial Partners, LP go to www.patriotfp.com or email [email protected].
About JAM FINTOP
JAM FINTOP brings together banking experts and experienced fintech entrepreneurs to invest in companies that change the way financial institutions and their customers move, track and interact with money. For more information, visit https://www.jamfintop.com.
About ICBA
The Independent Community Bankers of America® creates and promotes an environment where community banks thrive. ICBA is solely dedicated to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education, and high-quality products and services.
With nearly 50,000 locations nationwide, community banks make up approximately 99 percent of all banks, employ nearly 700,000 Americans and are the only brick-and-mortar banking operations in one in three U.S. counties. With more than $5.8 trillion in assets, over $4.8 trillion in deposits and more than $3.5 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits to the high streets and neighborhoods they serve, spurring job creation and promotes employment. innovation and fueling customers’ dreams in communities across America. For more information, visit ICBA’s website at www.icba.org.
About Core10
Core10 is a North American-based provider of banking and lending products and financial technology services. The company’s Accrue platform is a configurable lending and onboarding banking application designed specifically for community banks and credit unions looking to accelerate digital innovation. Core10 offers world-class outsourced fintech products, integration expertise, implementation services and more. To learn more about Accrue and Core10, www.accrue.tech and www.core10.io, connect via LinkedIn or follow Twitter.
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Contacts
Angelo D. Jones II / Gabriela Lumpkin
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