Here’s the math: D3 = Data Driven Digital Banking. The funding amount = $7 million.
Today, D3 Banking announced it raised $7 million in venture funding from Route 66 Ventures, a private investment firm focused on emerging financial services companies.
The Nebraska-based company reports that in the next 60 days, existing investors and a subordinate VC will contribute another $3 million, finalizing the round at $10 million.
The $10 million projected in this round, along with previous Angel investments of $6 million, will bring D3’s total funding to $16 million.
Since its launch in 2007, D3 Banking (formerly Lodo Software) has built a customer base of 225 institutions that use its digital financial management tools.
D3 expanded beyond financial management tools last year when it launched a comprehensive digital banking solution at FinovateSpring 2013. The first customer to roll out the new solution plans to go live with it in the next 30 days. Additionally, D3 is in talks with a number of other institutions who are interested in deploying the new solution. According to CEO Mark Vipond, now is the perfect time for the company to bring in its first round of Venture funding.
D3 will use the new capital to expand its sales and marketing team, invest in other product innovations, and deploy a SaaS-based solution for FIs that prefer on-premise deployment.
Check out D3 Banking’s video from FinovateSpring 2014 where it demonstrated the money movement tools added to the comprehensive solution it introduced last year.