CBANC, a network for bank and credit union professionals, announced it has raised $4 million in venture capital funding.
The Austin-based network with 22 employees plans to use the funds to hire new employees, expand membership and launch new products
CBANC founder Hank Seale led the Series B funding with participation from Texas Independent Bancshares, Mike Maples and Adams Street Partners.
In addition to CBANC CEO Bryan Koontz, the CBANC board of directors includes Seale, founder and chairman of CBANC and Q2, Charles Doyle, chairman of Texas Independent Bancshares, Inc. and former director of the Federal Reserve Bank of Dallas, Mike Maples, former EVP of Microsoft and Jeff Diehl, managing partner and head of investments at Adams Street Partners.
“As someone who has been in community banking for 44 years, I look at CBANC and imagine all of the pain points we could have tackled through collaboration with industry peers across the country,” Doyle, CBANC board member and chairman of Texas Independent Bancshares, Inc said in a news release. “The ability to get online and find a contact at a bank similar in size, in a different state or dealing with the same regulatory issues was never an option. That’s what banking professionals are able to do with CBANC. We’re able to take down the walls and make connections that empower community banking to continue and thrive by tackling obstacles together.”