Fund accelerating community bank technology raises $115 million in committed capital
Washington, D.C. (Aug. 16, 2022) — The Independent Community Bankers of America (ICBA) announced the closing of the BankTech Ventures Fund, which raised more than $115 million in committed capital in its first fund to accelerate technology opportunities and adoption at community banks.
BankTech Ventures — which was founded last year with the mission to invest in technology companies whose products serve community banks and their customers — raised the funds from more than 100 limited partners, most of which are community banks. ICBA serves as one of the investment managers and a general partner, working collaboratively to select, invest, incubate, and fast-track technology solutions that solve for community bank pain points and provide value for the fund’s community bank investors.
“The support that BankTech Ventures has received from community banks shows how technology has become integral to the customer interactions that are at the heart of community banking,” said ICBA Executive Vice President and Chief Innovation Officer Charles Potts, who serves on the BankTech Ventures Investment Committee. “Supporting the next generation of technology solutions will help community banks deliver memorable customer experiences that are fundamental to our industry’s relationship banking model.”
Community bank investors who support BankTech Ventures gain early access to a vetted network of leading and emerging technology solutions tailored to address community banks’ unique business challenges and opportunities.
The general partners serving on the investment committee with Potts are:
- Carey Ransom, managing director of BankTech Ventures.
- Carson Lappetito, president of Sunwest Bank.
- Eric Sprink, president and CEO of Coastal Community Bank.
- Wayne Miller, executive director of The Venture Center.
- Steven Hovde, chairman and CEO of the Hovde Group.
The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. ICBA is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education, and high-quality products and services.
With nearly 50,000 locations nationwide, community banks constitute roughly 99 percent of all banks, employ nearly 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding nearly $5.9 trillion in assets, over $4.9 trillion in deposits, and more than $3.5 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.