Agora Services, a digital banking services provider, announced on Thursday that it is in the process of securing $2 million to fuel its growth and sales, and deploy its first clients.
The company, however, did not disclose any of its backers, given that the process of funding is still ongoing.
Founded in 2018, Agora Services offers financial institutions customizable cloud-based services that enable banking customers to create new banking products and manage accounts in real-time. It eliminates the need for core conversion or overhauling their current technology systems.
The startup is a graduate of MasterCard’s Start Path FinTech program and also received early-stage funds from the Independent Community Bankers of America (ICBA) through its ThinkTech program.
“In order for financial institutions to remain competitive, they must have the latest and most robust digital offering,” Arcady Lapiro, founder and CEO of Agora Service, said. “Banks have to move beyond a website, a standard App or mobile check deposit. They must compete with the latest FinTech technology, including fully integrated digital onboarding, instant account opening, instant virtual card, advanced card controls, shared accounts, budgeting, money pool and more.”
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Strategically placing its business
The startup opened its headquarter in Atlanta to benefit from the region’s growing financial services industry.
“We selected Atlanta because the region provides us the best combination of access to business development and talent while also being a part of the growing FinTech community,” Lapiro added.
Fintech companies, meanwhile, are attracting the attention of venture capitals worldwide as the sector received $34.5 billion in funding last year.
Earlier today, Finance Magnates reported that UK-based Anthemis raised $90 million for its new venture fund, aiming to back fintech companies working to digitize the insurance industry.