Archway, a platform that was spun off from Washington Federal in Seattle, has raised $15 million of Series A funding.
The platform, which helps banks modernize and personalize digital customer interactions by connecting their core banking products to web, mobile, voice and AI technologies, said in a press release that the funding round was led by Madrona and Washington Federal.
“The consumer fintech revolution has reimagined what is possible for banks, but the technology is hard to build and expensive to integrate,” Dustin Hubbard, Archway’s president, said in the release.
“Banking infrastructure is heavily regulated, and many banks have systems that work well for the business of running the bank but are not optimized for customer service, which puts the bank at a disadvantage,” Hubbard added. “With a cloud-native approach, we are abstracting the complexity for banks and enabling them to easily integrate the technologies their consumers want.”
Archway began nearly four years ago as the $21.7 billion-asset Washington Federal’s Pike Street Labs.