San Diego-based West Partners invested $10 million in D3 Banking. The company provides a digital banking platform for regional and mid-sized financial institutions.
OMAHA, Neb.–(BUSINESS WIRE)–D3 Banking, the leading innovator in Data Driven Digital™ banking, announced today that it has raised $10 million in capital from West Partners. The investment will help D3 Banking strengthen its team, invest in research and development and continue expanding its hosted platform to keep up with increasing market demand.
Mark Vipond, CEO of D3 Banking, said, “The past year we have seen a shift in the industry with leading financial institutions seeking modern solutions that provide the foundation required for developing a digital strategy that extends into the future. Our work with multibillion-dollar banks such as Arvest, First Tennessee Bank and IBERIABANK will result in more than 1.5 million users enjoying a more personalized, consistent and intuitive digital banking experience. As a company we have successfully completed the largest replacement projects in the history of the industry. These benchmarks helped West Partners recognize the pace and direction of change in the digital landscapes and the role D3 Banking can play in arming banks and credit unions with the tools they need to competitively differentiate themselves.”
D3 Banking offers a single platform solution that provides regional and midsized financial institutions with a comprehensive set of data driven digital banking services for any computer, smartphone, tablet or other digital device. West Partners is a San Diego-based investment firm that makes direct investments in private companies. In addition to the capital raise, West Partners provided D3 Banking the right to draw additional equity funding, as well as the right to borrow under a three-year credit facility.
“West Partners prides itself on only making investments in strong, well-run companies that show potential for long-term growth and success,” said Dennis O’Brien, president of West Partners. “D3 Banking’s commitment to replacing siloed, disparate channels with a consistent digital banking experience that uses data and analytics to provide Amazon-like financial services to the consumer makes this partnership an obvious choice.”
About West Partners
West Partners is a San Diego-based investment firm, focused on making direct investments in private companies. As part of the Gary and Mary West Family Office, West Partners has a permanent capital base and no outside investors. Given this flexible approach to investment structure and investment horizon, the firm seeks Managers who want to build great businesses over very long periods of time. More about West Partners can be seen at westpartners.com.
About D3 Banking
D3 Banking reduces the cost and complexity of digital banking by providing a scalable single code base solution for consumers and small businesses that can be accessed via laptop, smartphone, tablets and wearables. The company provides responsive web design in a scalable transactional environment to deliver a consistent user experience. Its Data Driven Digital™ banking leverages a powerful, proven analytics engine that delivers value-added financial management tools to consumers and small businesses while providing financial institutions with the ability to use this information to personalize their product and service offerings. Learn more about the company at www.d3banking.com.