Neocova, a startup building software for financial institutions, has bagged $9.5m in its Series A to further help digitalise community banks in the US.
The capital injection was supplied by Bank of St. Elizabeth, Coastal Community Bank, First Financial Bank, Kearny Bank, Provident Bancorp and Sunwest Bank.
Funds from the round are set to support the expansion of Neocova’s product and technology teams. These divisions are working with AI-driven analysis embedded with transactional data which enables banks to enhance decision making, Neocova claims.
The FinTech startup builds AI, analytics and cloud-based systems designed to improve operations of banks. Solutions available through the platform include anti-money laundering and know your customer tools, customer insights, product management, client management, regulatory reporting and core banking processes.
Neocova CEO and co-founder Sultan Meghji said, “This raise is both a statement of intent by the community banks of the United States that their technology status quo is unacceptable, as well as a tremendous vote of confidence in Neocova from the same community.
“We haven’t just created the most advanced banking technology platform – we’ve created a mission with our community financial institution and regulator partners to transform an industry that’s been dominated by a handful of existing players. Affordable and adaptive core technology with unmatched cybersecurity equates to a more secure, stronger financial infrastructure for local economies throughout the U.S.”
This series round comes shortly after Neocova announced a partnership with Coastal Community Bank to build and implement a reporting and monitoring platform for compliance. The solution will securely hold data and provide improved transparency.
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