Battery News
FOR IMMEDIATE RELEASE
Fintura Corporation Secures Funding from Battery Ventures
Company Delivers Innovative Consumer Credit Products and Services to Help Financial Institutions Better Compete
ATLANTA, GA; April 20, 2007 – Fintura Corporation today announced that it has secured Series A funding from Battery Ventures. Fintura provides financial institutions with customized solutions to accelerate new account growth, expand franchise presence and increase profitability through the delivery and management of credit cards, student loans and home equity products. Fintura’s solutions are particularly suited to institutions such as regional and community banks, credit unions and brand owners, who typically do not have the luxury of building the in-house marketing, operations and risk management expertise these products require.
“Financial institutions know that expanding beyond checking and savings accounts is strategic to their business, but they have no easy, low-risk way to do this. That’s where we come in,” said Andrew Mathieson, Fintura founder and CEO. “We’ve mastered the science and methodology behind acquiring, growing and managing customer relationships. We provide the nuts and bolts of marketing and account origination expertise, the infrastructure and the risk capital. We only expect to be paid for delivering results. By partnering with us, financial institutions can remain focused on their core competencies while we help them build and expand profitable customer relationships through new, high value product lines.”
Fintura is initially focused on two lines of business designed to help small-to-medium financial institutions grow new customer accounts and make existing relationships more profitable:
- New Account Origination: Fintura provides cost-effective and risk-free account origination for financial institutions. The company applies its proven marketing strategies to reach prospects, and takes on all of the financial risk for marketing, data analytics and technology infrastructure expenditures.
- Turnkey Product Solutions: Fintura develops, manages and services fully branded credit card, home equity and student loan programs. This lets financial institutions extend product lines with new and innovative offerings and deepen relationships with customers and members.
“We’re backing Fintura for two reasons: team and market opportunity,” explained Sunil Dhaliwal, partner at Battery Ventures and Fintura board member. “Andrew is an experienced entrepreneur who has demonstrated success in affinity marketing, consumer credit and credit analytics. He and his team have targeted a multi-billion dollar market with totally unique solutions that help any size financial institution compete against the few national players who dominate the consumer credit market today.”
About Fintura’s Founding Team
Founder and CEO Andrew Mathieson leverages his broad professional experience spanning financial services, insurance, management consulting and the travel industry to set the foundation for the company. Joining Mathieson at Fintura are two former colleagues from InfiCorp Holdings, in Atlanta, GA, where Mathieson was a co-founder. George Whitley, Vice President, Finance/BP&A, brings 20 years of experience in the financial services industry specifically in the areas of financial planning and analysis. Fred J. Grigsby III, Vice President, Marketing, a 14 year veteran in the financial services industry, bringing proven expertise in the management and marketing of consumer credit card portfolios.
About Fintura Corporation
Fintura Corporation is a specialized management and operating company helping financial institutions better compete by building and expanding profitable franchise relationships and extending product lines. Fintura partners with institutions to provide leading-edge product development, new account origination and portfolio management services across credit cards, student loans, and home equity product lines. Fintura uses its data driven marketing and management approach to achieve profitable outcomes independent of portfolio size or product line. Fintura is privately held and based in Atlanta, Georgia. For more information about our company, our people and our capabilities, please visit www.fintura.com.
About Battery Ventures
Since 1983, Battery has been investing in technology and innovation worldwide. The firm partners with entrepreneurs and management teams across technology sectors, geographies and stages of a company’s life, from start-up and expansion financing, to growth equity and buyouts.
Battery has supported many breakthrough companies around the world, including: Airespace (acquired by Cisco), Akamai Technologies (AKAM), Cbeyond (CBEY), LIFFE (acquired by Euronext), Neoteris (acquired by NetScreen), and SigmaTel (SGTL). Its current portfolio includes emerging firms such as Advent Solar, Lion Cells, Netezza, Spot Runner, and Tejas Networks, as well as more established companies such as ITA Software, Consona (formerly Made2Manage), MetroPCS, and Nova Analytics.
From offices in Boston, Silicon Valley and Israel, Battery manages more than $2B in committed capital. For more information, visit www.battery.com.
Contacts:
Fred Grigsby
Fintura Corporation
fred.grigsby@fintura.com
404-419-2650
Karen Bommart
Battery Ventures
781-478-6672
kbommart@battery.com