Company to apply state funding to fuel job creation, expedite product delivery and support
CEDAR FALLS, Iowa, Sept. 24, 2012 – Banno (formerly T8 Webware), the provider of progressive, custom-branded mobile applications, websites and personalized payment card services, announced today the company will receive its $1 million capital loan request from the Iowa Economic Development Authority (IEDA) Innovation Acceleration Fund. It was matched by an additional $1 million from the private sector for a total $2 million capitalization.
The Iowa Innovation Acceleration Fund promotes the formation and growth of businesses that engage in the transfer of technology into competitive, profitable companies that create high paying jobs. Funds are meant to support commercializing research, launch start-ups and accelerate private investment and industrial expansion efforts in the state. Banno was approved for the Iowa Innovation Expansion loan, designed to encourage the growth of existing product lines through product refinement and market strategy. It is also allotted for hiring additional personnel, purchasing equipment and construction.
Banno will use the capital inflow to bring on new staff and stay ahead of demand for its services. The company grew its staff by 50 percent in the last year primarily to meet R&D efforts, and has retained 100 percent of all interns from state schools that it has offered employment. The IEDA capital will support Banno’s ongoing expansion of resources, especially in the areas of customer implementations and support as well as going product development to ensure its market leadership is maintained.
“Iowa produces a wealth of talented technology individuals in our own backyard, and at Banno we can provide the progressive, challenging careers that continue to attract these intellectuals while changing the face of banking,” said Wade Arnold, CEO of Banno. “Our company has experienced significant growth this past year, especially in a very risk adverse financial services market. We appreciate the state’s belief in and ongoing financial support of Banno’s mission, and are honored to be entrusted with this funding.”
Banno (formally T8 Webware) provides and powers solutions that help financial institutions harvest behavior-driven banking data to stimulate growth and retain business. Its Banno.com-powered websites, mobile banking, account aggregation and enriched transactions provide segmented customer analysis based on anonymized data that can be used for actionable product offerings.
Banno.com architecture is built with Open APIs to allow simple integration with existing digital channels. To learn more, connect with us at www.Banno.com.