Independent Community Bankers of America (ICBA) officials are touting the benefits of the recently launched BankTech Ventures Investment Fund, noting the endeavor would maximize efficiencies and expand revenue opportunities.
The venture capital fund seeks to accelerate community bank technology opportunities and adoption. IBCA would serve as one of the fund’s investment managers and a general partner, working to select, invest, incubate and fast-track technology solutions solving for community bank pain points.
“Technology has become integral to customer interactions and addressing our industry’s most pressing issues, which is why ICBA launched its ThinkTECH Accelerator program three years ago and why we’re taking the next step with participation in BankTech Ventures,” ICBA Senior Vice President and Chief Innovation Officer Charles Potts said. “By sourcing and funding the solutions of tomorrow through this initiative, we deliver a memorable customer experience that fosters long-lasting relationships.”
The BankTech Ventures Investment Fund closed its first round of funding with $55 million from its initial limited community bank partners, referencing a final target of $150 million to $200 million.
“As the financial services industry evolves to meet new market dynamics and shifting customer expectations, community banks have adapted their core value streams, partnering with innovative fintechs to meet customers where they are while creating a seamless and satisfying banking experience,” Managing Director of BankTech Ventures Carey Ransom said. “We’re thrilled to work with our investors to deliver a portfolio of high-quality, committed tech companies to support their strategic and operational needs.”