CMFG Ventures hands BankBI Series A investment to tap US market
BankBI, a British firm providing automated reporting and analytics software to financial institutions, has announced its Series A investment by US backer CMFG Ventures, the venture capital arm of insurance company CUNA Mutual Group.
CEO of BankBI Graham Goble says “the investment presents a great opportunity […] to continue to scale” throughout the US and globally. The firm has not disclosed the value of the investment.
“We are excited to be part of the CMFG Ventures portfolio and look forward to working with such a prestigious group in the credit union market,” Goble adds.
Some of BankBI’s current US credit union customers include Credit Union of Texas, Department of Commerce Credit Union, Americas Credit Union, Top Line Federal Credit Union, Guardian Credit Union and Our Community Credit Union.
With the new investment from CMFG Ventures the software provider will be hoping to use its US credit union connections to build up a stronger US customer base.
The British company is also working with VisionFund across 30 countries globally including Tanzania in Africa, and Standard Bank in Zambia and Malawi.
“BankBI has developed an impressive technology for credit unions in the out-of-the-box analytics application space,” says CMFG Ventures MD Brian Kaas, who is looking forward to “the tremendous opportunities ahead”.
Aimed at lowering the cost of performance management reporting, BankBI uses cloud-based technology to offer financial, loan and deposit performance analysis.