The Independent Community Bankers of America (ICBA), an Industry trade group in the US, has pumped in fresh capital into 3E Software Inc., an Arkansas-based company.
Being the developer of financial software Teslar, 3E Software caters to banks across America, ranging in asset sizes between $50 million and $20 billion. The detailed Information regarding the matter was not revealed by any of the companies.
After the new capital infusion, 3E Software’s seed funding now has $2 million under its belt. The latest fundraising is a positive move for the company as it could double its revenue by this year. The fresh capital will help the company to chip in more employess to foster growth.
One of the top level executives of ICBA Services Network said that the company liked Teslar’s banking background and its platform to assist the data requirements and community banking processes during the accelerator program.
ICBA will support Teslar as it provides tools to community bankers for their growth.
According to Joe Ehrhardt, CEO and founder of 3E Software, the investment and support from ICBA will help the company to grow its team and continue work on technology, pushing its ambitions to help thriving community bankers.
The new funding will boost 3E Software in terms of growth and sustainability.