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August 3, 2022

Banking technology provider Savana raises $45m in Series A round

US-based Savana, which provides financial software for banks and fintechs, has raised $45m in its Series A funding round led by Georgian. 

The round also saw participation from payments and financial services technology provider Fiserv, which will expand its reseller agreement with Savana.

The software vendor plans to use the proceeds to grow its core-agnostic digital delivery platform, ramp up go-to-market activities, and enhance its capabilities. 

Savana provides customer engagement, account servicing, and automated bank operations via its API-first and cloud-native platform.

Savana said its platform orchestrates a bank’s technology ecosystem to remove silos and automate requests, which allows faster time to market and enhances customer experience across all channels. 

Savana chairman and CEO Michael Sanchez said: “We are thrilled to have the backing of Georgian and Fiserv as we look to redefine customer-first banking operations. 

“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.”

Georgian lead investor Emily Walsh said: “Savana’s leadership team has deep expertise in financial services technology and has built a unique solution that is set to transform banking.

“The banking industry needs digital delivery platforms that easily integrate new and existing infrastructures and use the data from all systems seamlessly on any channel to delight customers in real-time.”

Earlier this year, Fiserv signed a $650m deal to buy Finxact, a cloud-native banking solution developer.

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