WILMINGTON, NC, July 7, 2020: Apiture, the digital banking experience company, announced today the closing of a $20 million fundraising round which will accelerate development of transformative digital banking technologies. The transaction includes investments by funds and accounts advised by T. Rowe Price Associates, Inc. and Nashville-based Pinnacle Bank and comes two and a half years following Apiture’s formation.
“Financial institutions are increasingly focused on effective customer engagement in a digital-centric and constantly evolving marketplace. Apiture’s mission is to put control back into the hands of financial institutions by providing the tools and resources they need to compete in a transformative market. This investment will allow us to accelerate that mission,” said Chris Babcock, Apiture’s CEO.
Apiture’s products, Apiture Xpress and Apiture Open, serve over 400 financial institutions within the United States market. Apiture is headquartered in Wilmington, North Carolina and has a secondary office in Austin, Texas.
“This additional capital underscores our continued investment in the Apiture Xpress platform, confirming our commitment to the hundreds of banks and credit unions we serve. The funding also supports our delivery and growth in Apiture Open, our API first, cloud-native digital banking product,” said Babcock.
Hugh Queener, a co-founder and chief administrative officer at Pinnacle Bank, a long-standing Apiture customer, will join the Apiture board of directors. “As a customer of Apiture for more than a decade, we have seen firsthand their ability to partner with our firm for growth and commitment to creating an excellent client experience. This is an important investment for Pinnacle and an opportunity for us to help contribute to the future of digital banking technology. I am looking forward to joining the board to help enable continued growth at Apiture.”
Apiture Board Director Neil Underwood commented, “We are thrilled to have both the T. Rowe Price funds and Pinnacle Bank investing in a company that we firmly believe will change the face of banking. There is no better time than the present to invest in cloud-based, API-first banking technologies and these new partnerships allow Apiture to accelerate product development and growth for financial institutions across our country.”
Apiture is on a mission to change the way the financial industry operates digitally by providing the integrations, capabilities, and resources that banks and credit unions have not had access to in the past. Offering two differentiated digital experience platforms, Apiture Xpress and Apiture Open, Apiture has developed innovative solutions that can be used by financial institutions of any size. Apiture products currently serve over 400 financial institutions within the United States market. Apiture is headquartered in Wilmington, North Carolina, with offices in Austin, Texas.
About Pinnacle Bank
Founded in 2000, Pinnacle Bank is headquartered in Nashville, Tennessee that operates throughout Tennessee, North Carolina, South Carolina, and Virginia. Pinnacle Bank provides a full range of banking, investment, trust, mortgage and insurance products and services designed for businesses and their owners and individuals interested in a comprehensive relationship with their financial institution. Pinnacle’s mission is to provide distinctive financial service and advice to clients and enrich the lives of their associates while making a positive impact on the community.
About T. Rowe Price Associates, Inc.
T. Rowe Price Associates, Inc. is a wholly-owned subsidiary of T. Rowe Price Group, Inc. Founded in 1937, Baltimore-based T. Rowe Price Group, Inc. is a global investment management organization providing a broad array of mutual funds, subadvisory services, and separate account management for individual and institutional investors, retirement plans, and financial intermediaries. T. Rowe Price’s disciplined, risk-aware investment approach focuses on diversification, style consistency, and fundamental research.