Sterling Bancorp, a regional bank holding company, has made a strategic investment in BrightFi’s parent company Verdigris Holdings.
The financial details of the investment were not divulged.
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Separately, Arizona-based emerging technology fund FIFO Capital and Tom Ricketts, founder of Incapital, now InspereX, also participated in the investment round.
BrightFi delivers a cloud-based banking-as-a-service platform that enables financial institutions to design, test and implement digital banking products.
The platform will use the new funding to boost technical, sales and operations headcount as well as expand its product portfolio.
Sterling Bancorp chief financial officer Bea Ordonez said: “We announced a Banking as a Service partnership with BrightFi in April of this year, and we are thrilled to make this investment in its parent company, Verdigris Holdings.
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By GlobalData“BrightFi provides an industry leading digital banking solution and is focused on helping drive positive change in disadvantaged communities.
“We are excited to partner with Verdigris and BrightFi to provide banking solutions in support of their mission, while continuing to grow our suite of innovative digital products.”
BrightFi CEO Michael Coghlan said: “At BrightFi, our mission is to level the playing field by making digital banking easy and inexpensive to deploy for banks, organizations and brands of all sizes.
“We are proud of the rapidly growing customer interest and honored to join arm in arm with our investors who want to deliver best-in-class banking to those that need it most.”
