Onovative, which introduced its Core iQ bank marketing software at FinovateSpring earlier this year, has raised $1.2 million in a second round of funding. The investment takes the company’s total funding to more than $1.6 million.
“We’re very excited by the early reception of Core iQ in the marketplace,” said Onovative co-founder and CEO Michael Browning. “[We] feel that this round of funding gives us the ability to continue to achieve our vision of providing community banks and credit unions with software that is simple to use and affordable.”
Pictured (left to right): Onovative co-founders Michael Browning and Clay Turner demonstrated Core iQ at FinovateSpring 2015 in San Jose.
The round was led by the Bluegrass Angels Fund. Also participating were the Sequel Fund, the Enterprise Angels Community Fund, the Kentucky Enterprise Fund, and Commonwealth Seed Capital, along with individual investors. Onovative says the funds will go toward “fuel[ing] sales growth and product development.” As part of the investment, Onovative relocated from its offices in Jeffersonville, Indiana, to its new headquarters in downtown, Louisville, Kentucky.
Onovative’s Core iQ helps FIs leverage their customer data to create personalized, sophisticated marketing campaigns, including automated distribution of print mail, email, and SMS text messages and outbound phone calls. Currently deployed in banks and credit unions across the U.S., the platform automates cross-selling and marketing communication for more than one million accounts a day.
Founded in June 2013, Onovative demonstrated its Core iQ technology at FinovateSpring 2015.