Fintech achieves 114% annual revenue growth and garners industry recognition
HOUSTON, Feb. 14, 2023 /PRNewswire/ -- FINBOA, Inc., a leading innovator in intelligent automation for regulatory compliance and back-office modernization in financial institutions, announced record growth in revenues and new customer acquisitions in 2022. FINBOA attributes this continued success to their expanded portfolio of SaaS solutions. With software specifically designed for banks and credit unions, FINBOA transforms complex back-office processing and the customer experience using digitization and Robotic Process Automation (RPA), resulting in increased operational efficiency and accuracy, while reducing compliance cost, loss and risk.
FINBOA's award winning software automates and digitizes the inefficient manual processes commonly used to manage payment disputes, treasury onboarding, exceptions, loan onboarding and wires. Closing out the year with a strong Q4, FINBOA achieved a 114% increase in FY2022 revenue growth and doubled the number of new customer acquisitions Y/Y. FINBOA welcomed 20 new customers during the fourth quarter ending December 31, 2022. In addition to increasing the customer base, FINBOA delivered a 138% increase in revenue growth in 4Q2022 over same period 2021. FINBOA now services over 150 banks and credit unions nationwide. FINBOA's sales pipeline remains strong, fueling positive momentum in 2023 and beyond.
FINBOA CEO and Founder, Raj Singal commented, "We've had great success with our solutions and plan to continue to grow the business with a focus on serving our customers well and maintaining our current product and industry focus. We have been able to leverage our deep expertise to help institutions with their transition to fully digital operations. We are actively expanding our current offerings, and developing new solutions, which will accelerate our growth."
In 2022, FINBOA formalized reseller partnerships with Computer Services Inc. (CSI) and Alkami Technology, Inc. ("Alkami") to deliver FINBOA's dispute management software to their respective customers. These strategic alliances will continue to increase FINBOA's marketshare while providing CSI and Alkami clients with a comprehensive solution for streamlining and simplifying dispute compliance management – a critical need given today's rapid adoption of electronic payments.
In April, FINBOA was named a Fintech Banking Tech finalist for the Tech of the Future award. Last September, FINBOA was awarded 11th place on the 2022 Houston Business Journal (HBJ) Fast 100 List. This list recognizes Houston-area private companies with the fastest revenue growth over a two year period. FINBOA secured their ranking with over 300% revenue growth from 2019 through 2021.
Raj Singal, FINBOA CEO and Founder, remarked, "Tackling process automation can help financial institutions compete and win while improving the level of service provided to their account holders. We continue our mission to empower the back office workforce, allowing compliance teams to be more responsive and alert to trends, enabling better decision-making and saving both cost and time."
FINBOA collaborates with customers to ensure successful implementation and solution adoption. The software can be implemented quickly, often achieving 'go live' within 90 days. FINBOA offers integration capabilities with industry-leading core banking system providers. Customer retention remains high as FINBOA users experience measurable results. For example, FINBOA's Payment Dispute solution reduces claim-related losses up to 25%, dispute processing time by up to 90%, and can make a significant impact on the utilization of staff.
FINBOA provides intelligent automation SaaS to banks and credit unions to simplify and improve regulatory compliance processing by eliminating manual systems. Leveraging extensive industry experience and a commitment to exceptional customer service, FINBOA delivers transformative software solutions proven to enable institutional growth by reducing operational complexity, costs and risk. FINBOA is headquartered in Houston, TX. Learn more at www.finboa.com or follow us on LinkedIn, Facebook and Twitter.