- Savana, a fintech headquartered in Pennsylvania, raised $45 million in new funding.
- The new capital consists of a combination of equity and debt. Canadian investor Georgian led the equity component of the funding.
- Savana will use the funds to fuel the continued growth of its Digital Delivery Platform.
Pennsylvania-based fintech Savana has secured $45 million in new funding. The capital infusion includes $10 million in debt financing. The Series A round was led by Toronto, Canada-based investor Georgian, and also featured participation from Fiserv – which also announced that it would expand its reseller agreement with Savana. The company will use the funds to power the growth of its Digital Delivery Platform, boost go-to-market activities, and accelerate its new capabilities roadmap.
“The banking industry is going through an incredible transformation,” Savana CEO, founder, and Chairman Michael Sanchez said. “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 offers channel and product agnostic customer engagement, account servicing, and automated bank operations. The platform works with both new Gen3 cores as well as traditional core banking systems to provide universal digital delivery across all bank-assisted and consumer-direct channels. API-based and cloud-native, Savana’s Digital Delivery Platform gives financial institutions the ability to automate servicing for bank and credit union teams, as well as for customer-originated requests. The result is faster time-to-market and a more friction-free and consistent experience for customers and members, regardless of channel.
Founded in 2009, Savana is headquartered in Malvern, Pennsylvania, a township 25 miles west of Philadelphia. Last fall, the fintech announced that Live Oak Bank had converted its legacy bank operations to Savana’s process orchestration platform. A digital, cloud-based bank that serves small business owners in 50 states, Live Oak Bank was the leading SBA and USDA lender by dollar volume in 2020. Excluding PPP funds, Live Oak Bank has total assets of more than $6.9 billion.
“Our goal was to re-define what banking could become when we embarked on our transformation journey,” Live Oak Chairman and CEO Chip Mahan said. “We knew that the only way to create a more compelling customer value proposition was to lead with technology that enabled innovation, convenience, and speed of delivery from the core to the customer. Savana is a key component of our end-to-end solution.”