CBANC Acquires Lendwell

CBANC, a professional networking platform for banks, acquired fellow Austin-based fintech Lendwell in a deal this week. Terms of the transaction were not disclosed.

“Our acquisition of Lendwell is the next step in our strategy of unlocking the power of cooperation and the collective purchasing power of thousands of financial institutions within the CBANC Network,” said Bryan Koontz, CBANC CEO. “The Lendwell platform will help our network members reduce the cost of lending operations while improving their ability to serve their customers.”

This is CBANC’s first acquisition, but as the company seeks to add value to its platform and give members more reasons to log on, today’s purchase may not be its last.

Lendwell, a mortgage settlement services company, helps credit unions and community banks with the mortgage settlement process, primarily with refinances, second mortgages, home equity loans, and home equity lines of credit. The company offers a range of products including property condition reports, appraisals, title insurance, closing services, and more to serve as a one-stop shop for loan settlement products.

Lendwell’s SaaS loan aggregation offering gives banks access to quality mortgage settlement services at cost savings that add up to 20%. As a result of the acquisition, CBANC’s 8,000 financial institution members will have access to the Lendwell platform at no cost.

Lendwell founders Gabe Flores and Mike DeBonis have joined CBANC as the GM of Lendwell and as SVP of Engineering, respectively.

Founded in 2009, CBANC serves as an online platform where financial institutions can connect to share ideas, get their questions answered, build their brand and reputation, and publish reviews and insights on new products and services.

CBANC’s Founder and former President Myers Dupuy demonstrated the network at FinovateFall 2011 in New York. Earlier this month, the company hired on Mike Snavely as its Chief Commercial Officer. CBANC has raised more than $7 million from Adams Street Partners.

Finovate Alumni News

On Finovate.com

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  • Mint rolls out a new app experience for Android users

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • The ID Co. Unveils its Income Verification Solution.
  • Finicity Partners with Pulte Mortgage to Accelerate Asset Verification.

Around the web

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    This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

    Finovate Alumni News

    On Finovate.com

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    • Algomi partners with IPC Systems to support buy-side users of its Honeycomb network.
    • Bank Innovation takes a look at CBANC and its effort to make social media work for banks.
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    • “CardFlight and Miura Systems Partner to Offer EMV and NFC Mobile POS Solution to the U.S Market”
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    This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

    CBANC Launches New Features to Further Engage Network of Professionals

    CbancHomepage2016

    CBANC, a network for community bank and credit union professionals, added a group of new features to its platform this week. New elements include:

    • Leaderboard
      Recognizes members, based on others’ ratings, for their contributions.
    • Wire
      Works like a social media feed by allowing users to post information and photos, and to interact with other users by following their feeds.

    cbancsocialfeed

    • Daily news
      Emails members relevant articles and industry news.

    Newsfeed

    The platform, which launched in 2009, enables users to collaborate with other industry professionals and share information on policies and procedures, vendor management and vendor product ratings. The Austin-based company’s CEO Bryan Koontz explains the platform:

    We’ve taken the public, general-purpose model of LinkedIn and created a state-of-the-art, private and secure place for our members to connect with each other, share information, stay up-to-date on industry news and build their careers and professional reputations.

    CBANC incents banks to share best practices and intellectual property and its member engagement has increased almost 4x year-over-year; additionally, the company has experienced a 30x year-over-year increase in document contributions since January 2015.

    Later this year, the company plans to revamp its UX, add vendor solutions and member polling, enhance the Wire feature, and launch topics pages.

    CBANC’s former President Myers Dupuy demonstrated the network at FinovateFall 2011 in New York.

    Finovate Alumni News

    On Finovate.com

    • “CBANC Launches New Features to Further Engage Network of Professionals”

    On FinDEVr.com

    Around the web

    • MX inks multi-year data-aggregation deal with USAA.
    • Feedzai opens new offices in the U.K.; hires new head of international operations.
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    • Micronotes leverages AI and machine learning with new suite of cross-sell solutions for banks.
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    • Insuritas to deploy turnkey insurance agency at Sun Community FCU ($358 million in assets).
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    • Former Check CEO Guy Goldstein’s Next Insurance announces $13 million seed-round led by Zeev Ventures, TLV Partners, and Ribbit Capital.
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    • CustomerXPs featured on Nasscom’s Indian Analytics Products Landscape.

    This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

    CBANC Network Garners $4 Million in Series B Funding

    CBANCNetworkHomepage

    CBANC, a collaborative network for bank and credit union professionals, raised $4 million earlier this week. The Series B round was led by CBANC founder Hank Seale. Other investors include Texas Independent Bancshares, Mike Maples, and Adams Street Partners. When added to its previous round of $1.7 million, this brings the company’s total funding to $5.7 million.

    CBANC launched its network as a platform where financial industry professionals can ask, answer, and share industry-related intelligence, specifically regarding regulation and new technology. It counts 7,000 financial institutions as members, which represent 85% of community banks and 33% of credit unions across the United States.

    The company plans to use the funds to increase membership, add features and expand its base of 22 employees.  “We’re very well engaged on the compliance side of things,” CBANC CEO Bryan Koontz tells the Austin-American Statesman, “Now we want to bring the vendor community into the network, and we plan to invest in new features and new ways for the vendors to interact.”

    CBANC demoed its professional network at FinovateFall 2011 in New York.

     

    Finovate Alumni News

    On Finovate.com

    • “FinovateSpring 2016: Last Chance for presale tickets!”
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    • “CBANC Network Garners $4 Million in Series B Funding”

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    • Prosper launches new investor API platform, as well as developer documentation site.
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    • Crains New York Business highlights MaxMyInterest as a New York fintech startup.

    This post will be updated throughout the day as news and developments emerge. You can also follow alumni news headlines on the Finovate Twitter account.

    Continuity Control and cbanc Network Partner

    ContinuityControlLogo2.jpg

    This week, compliance management platform Continuity Control and cbanc Network, a knowledge-collaboration community, announced a partnership.

    This partnership will make Continuity Control’s RegAdvisor, a quarterly briefing, available through cbanc’s WebEd program.

    RegAdvisor is a complimentary event to help financial institutions gain a practical view of new compliance regulations, and helps them understand what steps are necessary to ensure compliance. To register for the next RegAdvisor, click here.

    cbancQuarterly.jpg

    The terms of this deal have not been disclosed.

    cbanc Network demoed at FinovateFall 2011, Continuity Control demoed at FinovateSpring 2010.

    Finovate Alumni News– March 11, 2013

    • American Banker reports: Union Bank signs up for Fiserv’s Bill Pay.
    • Bolstr featured on MSNBC’s Your Business.
    • Backbase gives a glimpse of the Digital Marketing Module it showed at FinovateEurope.
    • Triple Pundit looks at how the SEC is holding SoMoLend and other debt/equity crowdfunding platforms hostage.
    • USA Today considers Lending Club’s success.
    • CIO lists Expensify as 1 of 3 apps to help at tax time.
    • BellaDati releases updates to its platform.
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    • Finextra reports Geezeo signs 1st United Services Credit Union.
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    • Dough Roller blog names PocketSmith one of the best calendar-based personal finance apps.
    • Continuity Control to partner with cbanc Network to provide regulatory briefing via RegAdvisor.
    • Koolspan and DeviceFidelity team up to build TrustSleeve, bringing microSD-based voice encryption to the iPhone.
    • Locaid and Life360 join forces to help parents stay in touch with their kids.
    • The Financial Brand highlights 50 of the most spectacular website designs in banking: Simple (formerly BankSimple), Standard Chartered, Mint, & Moven. See Netbanker’s take on the list here.
    This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.