Fintech Fund II makes investment in MRB Direct, a Software-as-a-Service provider for compliance and banking solutions for cash intensive industries
MRB Direct, Inc. announces a seed round investment by Fintech Fund II, a $125 million venture fund managed by Austin Capital General Partner, LLLP that targets companies in the financial technology sector.
MRB Direct focuses on customer acquisition, customer service, and compliance while providing access to financial services for cash intensive clients. MRB Direct’s Software-as-a-Service platform provides its clients with a comprehensive digital solution allowing them to efficiently process B2B and B2C transactions.
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Patrick Chung, President of MRB Direct said, “Cash intensive companies struggle to find financial institutions that are willing to be long term partners. Through our partnership with Austin Capital, we have been able to deepen and expand our partnerships with depository financial institutions, which allows us to rapidly increase the number of companies we work with across the country. In addition, Austin Capital’s operational and technology experience, along with its deep knowledge of the financial services industry, has been invaluable. We are confident that Austin Capital will be an excellent partner to support our growth.”
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Gregory Guggenheim, Vice-President and Business Analyst at Austin Capital added, “We are excited to partner with Patrick and his team to address the need for a compliance and payment solution for banks and non-financial services companies serving cash intensive industries. MRB Direct’s easy to adopt API-based platform is well positioned to capitalize on the growth and federal legalization of the industry. We see tremendous opportunities to drive continued growth and our strategic investment will support the company’s long-term vision and commitment to its clients.”
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