Fintech & Ecommerce

Redwood Capital Bank Selects Apiture to Power Mobile Banking

Redwood Capital Bank will partner with Apiture to support its online and mobile banking solutions.

Redwood Capital Bank Selects Apiture to Power Mobile Banking

The mentioned financial institution is based in the United States. This lender is a public bank that provides services to companies belonging to the small business segment, individuals, and families in Humboldt County, California.

A financial institution is implementing the Apiture platform into its functional space. This solution will allow the lender to scale its activities beyond existing communication channels, including branches and telephone banking services. The implementation of the platform is a step for a financial institution that corresponds to current realities. In this case, it implies a growing consumer interest in digital banking services.

The Apiture cloud platform combines five different solutions within a single virtual product. In this case, mechanisms and algorithms aimed at traditional financial institutions and credit unions in the United States are proposed. The platform combines solutions focused on customer service, business functions, banking APIs, data analysis, and account opening. The advantage of this proposal is its versatility, existing in the form of a functional variety. This feature can also be characterized as a kind of competitive advantage.

John E. Dalby, president and CEO of Redwood Capital Bank, expects that the use of Apiture’s offerings will greatly benefit the clients of the financial institution and will be consistent with the values and mission of this lender. He also noted that cooperation with the above-mentioned company forms a benchmark for the bank’s technology partners.

Chris Babcock, CEO of Apiture, stated that the financial institution’s commitment to flexible, easily customizable solutions makes it an effective partner for the firm. According to him, cooperation with the lender will provide a modern, intuitive banking experience.

In November, Apiture received $10 million after a round of insider financing. Funds and accounts advised by T Rowe Price Investment and other existing investors participated in this process. Since its founding in 2017, Apiture has raised $79 million. In November, the media reported that the company intends to spend new capital to accelerate the implementation of product development projects and expand sales and marketing activities. Currently, the firm is striving to meet the demand for its banking platform, which serves more than 300 financial institutions and credit unions across the United States. Last year, the company’s user base was expanded by the Credit Union of government employees from New Mexico and Points West Community Bank from Colorado.

Apiture continues to work on improving its banking platform. The company’s approach is based on the use of the API. Customers can maximize the capabilities of the banking platform and at the same time maintain the convenience of interacting with other users. The company is focused on the development of the sphere of digital banking.

As we have reported earlier, FinTech KindCard Plans to Acquire Banking Platform OpenTransact.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.