B2B Payments

D3 Secures $10M For Digital SMB Banking Efforts

Shutterstock

Small business banking technology firm D3 Banking announced a new funding round led by West Partners on Monday (June 27), a move the firm said will help it invest in research and development.

Reports said D3 raised $10 million from West Partners for its digital SME and consumer banking tool, which is extended to existing financial institutions that want to strengthen their digital banking services for SME customers.

In a statement, D3 Banking CEO Mark Vipond said the new funding will help the company keep up with shifting market demands from these financial institutions.

"The past year we have seen a shift in the industry with leading financial institutions seeking modern solutions that provide the foundation required for developing a digital strategy that extends into the future," he said, pointing to recent deals with Arvest, First Tennessee Bank and IBERIABANK. "As a company we have successfully completed the largest replacement projects in the history of the industry."

Efforts to keep up with demand, he added, are what attracted investors.

"These benchmarks helped West Partners recognize the pace and direction of change in the digital landscapes and the role D3 Banking can play in arming banks and credit unions with the tools they need to competitively differentiate themselves," Vipond continued.

West Partners President Dennis O'Brien pointed to D3's innovative market strategy as cause for the investment.

"D3 Banking's commitment to replacing siloed, disparate channels with a consistent digital banking experience that uses data and analytics to provide Amazon-like financial services to the consumer makes this partnership an obvious choice," he stated.

Earlier this year D3 Banking announced a strategic partnership with FI Navigator to use its cloud-based banking module and data analytics capabilities to boost the technological capabilities of its online banking solution.

"By gaining deeper insight into the industry and our clients through FI Navigator, we will be able to ultimately better serve our customers and continue to provide them with the products and services they want and need," said D2 Banking CMO Michael Carter in a statement at the time.

——————————

LIVE PYMNTS TV OCTOBER SERIES: POWERING THE DIGITAL SHIFT – B2B PAYMENTS 2021 

Banks, corporates and even regulators now recognize the imperative to modernize — not just digitize —the infrastructures and workflows that move money and data between businesses domestically and cross-border.

Together with Visa, PYMNTS invites you to a month-long series of livestreamed programs on these issues as they reshape B2B payments. Masters of modernization share insights and answer questions during a mix of intimate fireside chats and vibrant virtual roundtables.

Click to comment

TRENDING RIGHT NOW