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Banking & Finance

Apiture Announces Additional $10M Investment

By Cece Nunn, posted Jan 27, 2021
Wilmington-based fintech firm Apiture moved into Building 3 at the Live Oak Bank campus last year. (File photo)
Officials with Wilmington-based Apiture, a financial technology firm that specializes in digital banking services, announced this week that the company has received a $10 million investment.

Bankers Healthcare Group (BHG) is the investor, according to a news release. BHG is a fintech firm that provides loans and other financial services to licensed health care practitioners and other highly skilled professionals, according to the firm's website.

The funding, finalized in December, comes in addition to the $20 million raised by Apiture in July 2020. Apiture plans to use the $10 million to accelerate key features on its product roadmap for 2021.

“This additional investment provides an excellent opportunity for Apiture to both deepen our existing relationships and expand our target market through enhanced offerings," said Chris Babcock, Apiture CEO. "Having the support and partnership of the team at Bankers Healthcare Group, in addition to the investments made earlier in 2020, will help us to succeed in our mission to transform the digital banking space as a long-term innovator.”

Apiture is a joint-venture of Live Oak Bank and Atlanta-based First Data. BHG, in addition to being an investor, also uses Apiture for its growing portfolio of financial solutions, the release stated.

Founded in October 2017, Apiture employs 160 people in Wilmington and also has offices in Austin, Texas. The company is currently hiring, particularly for software engineers and product managers, said Chris Cox, COO.

Apiture’s two platforms, Apiture Xpress and Apiture Open, will benefit from innovation that results from the $30 million total raised in 2020.

“We see value in aligning with companies like Apiture that prioritize innovation as much as we do and are at the forefront of their industries,” said Al Crawford, co-founder, chairman and CEO of Bankers Healthcare Group, in the release. “Our partnership will help us bolster the products we offer, while also strengthening our own digital banking capabilities at BHG.”

As a significant shareholder of BHG, Nashville-based Pinnacle Bank played a key role in the deal, according to the release. The $20 million investment anounced in July came from funds and accounts advised by T. Rowe Price Associates Inc. and Pinnacle Bank.

Hugh Queener, co-founder and chief administrative officer at Pinnacle Bank, board member at Apiture and board member at BHG, said in the release, "Since our initial investment in mid-2020, Apiture has made smart progress in what their product can do, and we at Pinnacle have been pleased with the results. Adding BHG to the mix will put Apiture in a great position for more success in 2021."

Cox said Apiture is "proud to partner with investors who understand the value of the services we provide and who are excited to help us build the future of digital banking."

He said the company has no immediate plans for additional fundraising, but is "always open to partnering with investors as we continue to build our business."
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