Core10 secures $6.5 million in Series B funding round
New capital investment to further Accrue digital account opening and lending platform development, strengthening financial technology services
FRANKLI, TN (January 19, 2023) — Core10, Inc. (Core10), a U.S.-based financial technology company that provides lending and account opening products, as well as software development services, today announced the close of a $6.5 million Series B funding round to support the expansion of its Accrue platform and banking integration services. The capital round brings the company’s total funding to $12.5 million and is led by Patriot Financial Partners, with participation from JAM FINTOP and the Independent Community Bankers of America (ICBA).
Operating exclusively in the fintech and financial services industry, Core10 provides banking technology integration services, as well as banking and lending products. This latest funding round enables Core10 to scale the development growth of the Accrue platform and business unit and strengthen the company’s banking technology and integration services line of business.
Accrue provides digital account opening, digital lending, and core/fintech connectivity to accelerate community banks’ digital transformation strategies. An alumnus of the 2022 ICBA ThinkTECH Accelerator program, Accrue is an OEM Salesforce Partner and delivers a highly-configurable and scalable solution built specifically for community financial institutions.
“Accrue offers an efficient and affordable pathway for community banks responding to growing demand for digital experiences that deliver convenience and speed,” ICBA Executive Vice President and Chief Innovation Officer Charles Potts said. “We believe Core10 is at the forefront of technology companies that are fueling the success of community banks’ digital transformation strategies and are pleased to be part of their innovation journey.
“While many banks may not think they have the time or resources to elevate their digital experience, Accrue offers an efficient, affordable way to implement cutting-edge technology. We aim to proactively accelerate banking innovation, and we believe Core10 is at the forefront of technology companies that are fueling the success of community banks’ digital transformation strategies,” Potts said.
In addition to Accrue, Core10 also has a deep background in banking technology integration and implementation services. Core10’s API integration experts provide community financial institutions and fintechs with subscription and project-based integration solutions to eliminate backlogs, reduce staffing costs and support business growth opportunities. Core10 pioneered the Hereshore® model with an entirely North American-based team located in communities across the United States and Canada, which enables the company to maintain competitive servicing costs and stronger security measures.
“We are incredibly grateful for the opportunity to partner with the strategic, forward-looking investors of Patriot Financial Partners, JAM FINTOP and ICBA,” said Jeff Hanson, CEO of Core10. “Each of these partners recognizes and shares our commitment to helping community banks unleash their market potential and achieve their digital innovation goals. Accrue allows us to deliver on the services that community FI’s are looking to offer to their customers and members. Not only does Accrue support much of the digital commercial and retail banking experiences, but it also enables a community FI to remain relevant and competitive. Core10 is excited to see how this investment will help sustain and strengthen our growth throughout 2023 and years to come.”
About Core10
Core10, founded in 2016, is a U.S.-based provider of lending, account opening, and middleware products, as well as software development services. Core10 is the trusted, easy button partner for banking digital transformation and innovation. The company’s Accrue platform provides an omnichannel digital lending and deposit account opening solution to help elevate and streamline banking operations. Its Mesh middleware layer gives banks a flexible, modern infrastructure to connect their entire technology ecosystem with their core. Supporting their product lines, Core10's professional services team has years of experience building APIs and core connectivity as well as custom software product development.
About JAM FINTOP
JAM FINTOP brings together bank experts and seasoned fintech entrepreneurs to invest in companies changing the way financial institutions and their customers move, track, and interact with money. For more information, visit https://www.jamfintop.com.
About ICBA
The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. ICBA is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education, and high-quality products and services.
With nearly 50,000 locations nationwide, community banks constitute roughly 99 percent of all banks, employ nearly 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5.8 trillion in assets, over $4.8 trillion in deposits, and more than $3.5 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.
About Patriot Financial Partners
Founded in 2007, Patriot Financial Partners is a private equity firm focused on investing in community banks, thrifts and financial services related companies throughout the United States.
Patriot’s investment objective is to apply a hands-on, value-added investment model to non-control investments within the community banking sector, including both public and privately held depository institutions that have between $500 million and $5 billion of assets. Patriot has expanded its focus to include adjacent niche markets within the financial services sector that are closely related to banks. For additional information on Patriot Financial Partners, L.P. go to www.patriotfp.com or e-mail info@patriotfp.com.
