Here’s the 10-slide pitch deck the fintech startup Savana used to raise $45 million in funding from Georgian and Fiserv
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- Savana helps banks connect their back-end tech with consumer-facing products, like mobile banking.
- The fintech targets traditional banks, which lag in tech innovation because of regulatory concerns.
- Here’s the 10-slide pitch deck the startup used to raise $45 million in Series A funding.
A fintech startup that helps banks connect their consumer products, such as mobile banking, to their back-end technology has raised $45 million in Series A funding.
The Canadian investment fund Georgian and the financial technology company Fiserv are banking on Savana’s vision, putting $45 million into the company. Savana has raised $54 million in total funding to date, including investments from customers such as First Horizon Bank, Truist Financial, and Live Oak Bank.
Savana, in Pennsylvania, helps connect a bank’s core technology to the services customers use to interact with the bank, such as branch or mobile banking. Because of regulatory constraints and risk-averse tendencies, traditional financial institutions often lag behind startups with regards to overhauling legacy tech. This can lead to frustrated IT departments being forced to decipher outdated code or internal divisions unknowingly using multiple tech solutions for the same purpose.
“It’s a spaghetti mess of connections,” said Michael Sanchez, Savana’s founder and CEO.
Savana said it helps banks avoid this problem and create a more integrated customer experience, which is important as more consumers move to digital and self-service banking.
Savana’s technology also works to ensure that internal bank services are connected correctly, the startup said.
For instance, temporarily changing a bank customer’s address for a few months requires the careful coordination of multiple bank services, such as mortgage, credit-card, and retail systems. At any point, a glitch in the technology or an inability to schedule an action for a later date could result in a breakdown.
Sanchez compared the complexity of internal bank technology to the behind-the-scenes tech of Amazon Prime.
When Amazon customers click to buy, the retail giant’s back-end technology tells the buyer that the package “will be there by Tuesday, knows what warehouse it’s picking it from, how it’s gonna get to the shipping area, who the shipper is, what airplane it’s going to show up on,” Sanchez said. “That’s process orchestration, and we do that for banks.”
By automating this process, Savana said, it also maintains high security standards, which is a priority in the highly regulated financial-services industry. A customer temporarily changing their address, for instance, would trigger Savana to conduct thorough fraud checks.
Sanchez said that Savana’s Series A was raised eight or nine months ago, at the height of the private startup market. Despite the broader tech-market downturn, investors didn’t reprice the round when it closed in August because of Savana’s outperformance, Sanchez said.
With the fresh funds, the startup plans on growing its sales team. It also plans to build out more capabilities for banks to create apps, leveraging Savana’s technology and services for physical bank branches and tellers.
Here’s a look at the 10-page pitch deck Savana used to raise $45 million in Series A funding.