TMCnet News
Austin software firm Fisoc lands $11.4 million for growth [Austin American-Statesman](Austin American-Statesman (TX) Via Acquire Media NewsEdge) Sept. 27--Austin-based Fisoc, which sells software used by credit unions and community banks, has landed more than $11 million in venture capital, according to a new securities filing. The company, which develops social media tools that let financial institutions offer rewards programs and other services to their customers, raised more than $9 million in two rounds of funding last year. The new $11.4 million round of funding is part of an initial round of about $16 million, and "is just to grow our product," said Fisoc's CEO Jay Valanju. "We've had really, really great success this year. We've expanded our footprint considerably, into dozens of states," Valanju said. "I think (the funding) speaks to the quality of traction we've gotten, the product and how the customers are using the product. It's been a great year for us, both for our footprint, our revenue and the size and number of our partnerships." Lead Edge Capital of New York is the lead investor in the funding, which also includes KEC Ventures, Greycroft Partners and Austin-based Daylight Partners, Valanju said. Founded in 2009, Fisoc's platform, called Buzz Points, lets bank customers earn points when they make purchases. In addition, Fisoc signs up local merchants who offer additional points for dollars spent. Points can be redeemed for gift cards or merchandise. Customers can use the service through their banks' website or by downloading a free smartphone app. Fisoc charges banks a small licensing fee and generates revenue by taking a cut of customer transactions. Fisoc has 42 employees currently, with plans to add staff both in Austin and elsewhere, Valanju said. ___ (c)2013 Austin American-Statesman, Texas Visit Austin American-Statesman, Texas at www.statesman.com Distributed by MCT Information Services |