AUSTIN, TX / ACCESSWIRE / May 2, 2023 / inbanx, a budget and spending control solution provider, announced a seed raise of $3.6 million. The Castle Creek Launchpad Fund, backed by community banks, led the round with participation by Social Leverage and prior investors.
inbanx provides a business-wide view of expense spending. It surpasses other offerings with control tools up to the budget-level-as opposed to card-level-for the most efficient and comprehensive oversight.
Through bank distribution partnerships, banks can offer business customers an advanced spend control platform and participate in credit extensions. inbanx's exceptional user interface draws on real-time data, generates AI-driven insights, integrates easily with major accounting software, and automates expense reporting.
"Businesses now have the ability to get complete transparency into their spending and control areas that are important to profitability," says Rob Kaczmarek, CEO of inbanx. "By combining our solution with community banks and their great business relationships, we are excited to evolve the way financial technology companies work with banks."
Bank partners can choose to participate in credit extensions, service their business clients, and use inbanx for their own back-office operations. This direct experience enables them to understand the solution's value for their business customers, while minimizing operational costs for the bank.
"We as community banks can now compete directly with-and even surpass-the corporate credit card offerings from today's money center banks and financial technology companies. This platform enables us to offer our own bank-branded corporate credit cards-complete with advanced spending control and budgeting technology-to businesses of any size. The best part is that it can tie directly to any existing or new extension of credit maintained with a commercial client, further deepening the relationship between bank and borrower," said Trey Maust, Executive Chairman of Lewis & Clark Bank. "inbanx showcases the synergies that can be realized when community banks and technology companies work well together. We as community banks can now compete directly with-and even surpass-the corporate credit card offerings from today's money center banks and financial technology companies. This platform enables us to offer our own bank-branded corporate credit cards-complete with advanced spending control and budgeting technology-to business of any size. The best part is that it can tie directly to any existing or new extension of credit maintained with a commercial client, further deepening the relationship between bank and borrower," said Trey Maust, Executive Chairman of Lewis & Clark Bank. "inbanx showcases the synergies that can be realized when community banks and technology companies work well together."
inbanx will use this funding to grow bank partnerships and scale the number of businesses serviced. Ultimately it will strengthen banks' business customer offerings and help businesses implement optimal spend strategies.
"Rob and his team at inbanx have delivered next-level technology built from a true understanding of business budgeting needs," said Ryan Gilbert, Founder and General Partner at Launchpad Capital. "We're excited about how they leverage the bank channel for growth, enable banks to better serve business clients, and help businesses make the best spend decisions."
About inbanx
inbanx's budget and spending control solution enables businesses to budget, manage their card program, and control spending across divisions, departments, and teams. The solution presents real-time data in an elegant UX, leverages AI-generated insights, and reports expenses automatically. inbanx collaborates with community and regional banks to support the financial needs of their business clients.
For more information please visit inbanx.com
About the Castle Creek Launchpad Fund
Castle Creek Capital, a private equity firm that has invested in community banks for over 30 years, has joined forces with Launchpad Capital, a venture capital firm led by partners who have backed fintech startups from seed to IPO, to launch a joint fund backed by limited partners from 34 community banks. Our fund invests in fintech companies that drive a digital financial future in partnership with community banks.
For more information please visit castlecreeklaunchpad.vc