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Technisys lands US$50 million Series C to merge traditional and digital banking

This post is also available in: esEspañol (Spanish)

Contxto – A Miami-based tech firm that provides disruptive banking systems to partners, Technisys, just raised US$50 million from Riverwood Capital in a Series C financing round. Other investors included Alta Ventures, Kaszek Ventures, Oria Capital and Endeavor Catalyst.

In Summary

Furnished with new capital, Technisys’ founders intend to invest the proceeds into developing new technology and expanding the company’s product portfolio. The goal is straightforward: to continue digitizing the traditional banking industry while fostering growth for neo and challenger banks.

The firm also plans to boost operations across the United States, Canada and Latin America. Moreover, Technisys hopes to enter new markets in Europe and increase investments in its platforms.

In-Depth

Technisys is a pioneering digital banking enterprise dedicated to launching disruptive banking tech, especially in Latin America where the CEO/founder comes from. Although Technisys is based in the United States, Miguel Santos is from Argentina. His company has collaborated with partners in 15 countries for the past 20 years.

“We are humbled by the trust our customers place in us, and excited by the massive global opportunity ahead to continually provide the building blocks necessary to win in this rapidly changing market,” said Santos. Previously, his corporation has worked with Banco Falabella, HSBC, Banco Itaú, plus many more.

“Banks will need to differentiate through their customer experience by offering a holistic service that is device agnostic. Also, achieving the best time-to-market when launching new services and anticipating their customer needs.”

Two of Technisys’ most famous products, Cyberbank Digital and Cyberbank Core, both use machine learning and AI technology. Clients invest in these services to ensure “smarter” banking experiences for customers, whether or not they’re a traditional or digital bank.

Firstly, the Cyberbank Digital platform is a cloud-based API system. Customers use this “omnichannel” service to guarantee adaptability on mobile, web and kiosks platforms. Even better, it’s configurable with Alexa and Google Assistant.

There’s also Cyberbank Core, which is specifically designated for digital banks to launch customizable services. It also offers a cloud-based open API but built with more speed, compatibility and security measures.

At the same time, these innovations represent opportunities for neobanks and fintech companies to get the ball rolling. Business partners can also enhance their own customer experiences, increase sales and engage with the ecosystem of Open APIs thanks to Technisys.

Conclusion

I consider Technisys’ model to mutually benefit both traditional and new digital banks. On one side of the equation is the software capable of springboarding digital banks into full-scale operations, providing them will all the material they need for success.

On the flip side, traditional banks can utilize Technisys to transform and leverage their own banking experience. In the end, both entities can differentiate and empower themselves to compete better in today’s economy.

Sounds like symbiosis to me! In my opinion – and contrary to popular belief – this is the future of banking, collaborations between traditional and digital banks.

-JA

Jacob Atkins
Jacob Atkins is a journalist specializing in Latin America. He studied journalism and international relations at American University in Washington, D.C. and has previously reported from Chile, Ecuador, Haiti and Mexico. When he isn't writing he's most likely hiking or drawing.

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