Apiture Lands $29M Investment for Digital Banking Platform

Digital banking platform Apiture has closed a $29 million fundraising round, and plans to use it to increase its marketing efforts, speed up product development and meet increased demand for the Apiture Digital Banking Platform, according to a company press release.

Live Oak Bank led Apiture’s funding round, with participation from other existing investors. The latest injection of fresh capital brings Apiture’s total raised to $69 million since its 2017 inception, the Thursday (July 14) press release said.

The Apiture Digital Banking Platform serves more than 300 banks and credit unions across the U.S.

“Our platform is built by bankers, for bankers, which uniquely positions Apiture to deliver best-in-class solutions that help financial institutions of all sizes level the playing field with national brands,” said Chris Babcock, CEO of Apiture.

Related: Bank Earnings Show Great Digital, Mobile Shift is Unstoppable

In other digital banking news, JPMorgan on Wednesday (July 13) reported that active mobile customers were up 11% year over year to 47.4 million. A glance at Wells Fargo’s data Friday (July 15) showed that mobile active customers at the end of the second quarter stood at 28 million, gaining 4% year over year. Total digitally active customers in the period were 33.4 million, a 2% gain.

Citi, meanwhile, said that it recorded 17 million active mobile users in the quarter, surging 14% from the second quarter of 2021. Active digital users were 24 million, up 8%.

Credit and debit spending continues to be healthy pretty much across the board. JPMorgan, as has been reported, showed 15% growth in debit and credit card volumes. Citi said that credit card spend volume was 18% higher, to $122 billion on its branded cards. Wells Fargo said that credit card volume of $30.1 billion compared favorably with the $23.6 billion a year ago.