FISPAN Secures $30 Million Series B Funding to Innovate Embedded Banking for Mid-Market Firms

FISPAN Raises $30 Million Series B to Accelerate Embedded Banking Innovation



FISPAN, a frontrunner in embedded ERP banking solutions, recently announced a successful closure of $30 million in Series B funding, spearheaded by Canapi Ventures. This fresh capital aims to bolster FISPAN's mission of embedding banking services within businesses’ ERP systems and accounting software, providing a seamless financial experience for mid-market companies.

Bridging the Banking Gap for Businesses


For years, large enterprises have enjoyed the benefits of direct connectivity to their financial institutions, thanks to banks investing in host-to-host and API platforms. FISPAN is committed to democratizing this access by packaging these capabilities into a user-friendly, out-of-the-box ERP plugin specifically for mid-market businesses. This transition facilitates the distribution of essential treasury products and helps smaller organizations leverage the technology that their larger counterparts have enjoyed.

By integrating with nearly 5,000 businesses across North America, FISPAN enables banks to foster modern, integrated experiences for clients. Companies benefit from several pivotal enhancements:

  • - Centralized Financial Workflows: This integration streamlines financial operations, merging financial transactions and workflows into a single system, minimizing inefficiencies and creating more coherent operations.
  • - Automated Processes: With built-in automation, processes such as payment initiation and approval become less time-consuming and lower in cost.
  • - Reduced Manual Errors: Direct integrations into ERP systems reduce the scope for manual data entry errors, significantly enhancing overall accuracy and minimizing operational risks.

The integration with renowned systems such as Oracle NetSuite, Sage Intacct, and Microsoft Dynamics 365 Business Central signifies a stride toward providing contextual solutions that simplify cash management, payables, and reconciliation processes.

A Pivotal Moment for FISPAN


“This funding is a game-changer for FISPAN. It allows us to significantly enhance our innovation capabilities and expand our market presence,” commented Lisa Shields, CEO and Founder of FISPAN. Canapi proved to be an ideal partner, showing a keen understanding of the dynamics in embedded ERP banking and the unique opportunities therein. Given their impressive network of financial institutions and banktech expertise, they will be instrumental in FISPAN's future growth.

Alongside this investment, Tom Davis from Canapi Ventures will join FISPAN's board, indicating a strategic alignment and commitment to scaling operations and enhancing service delivery.

FISPAN’s Growth Strategy


This Series B funding will facilitate key growth opportunities, including:
  • - Accelerated Product Development: Enhancements in AI capabilities, extended integrations with ERP systems, and an upgrade of platform functionalities to support comprehensive treasury solutions.
  • - Market Expansion: Efforts will be intensified to grow market presence, particularly in crucial regions, while also expanding banking and channel partnerships.
  • - Talent Acquisition: FISPAN plans to attract top-tier talent to enhance product innovation and improve customer experiences.

Tom Davis, General Partner at Canapi, remarked, “FISPAN leads a shift in how businesses interact with their banking partners. Their proven success in providing valuable embedded financial services places them in an excellent position for future growth.”

About FISPAN


Founded in 2016, FISPAN effectively integrates banks with clients' ERP and accounting systems. This integration aims to simplify the traditionally cumbersome banking processes. By embedding financial services directly into software, FISPAN enhances operational efficiency, reduces costs, and minimizes errors for businesses of various sizes. To explore more about their services, visit www.fispan.com.

About Canapi Ventures


Canapi Ventures is a venture capital firm focused on fintech and enterprise software, supported by a network of over 70 leading financial institutions across the U.S. Their unparalleled experience positions them as valuable partners for founders in need of industry insights and connections. For additional information, check www.canapi.com.

Topics Financial Services & Investing)

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