Austin software firm Fisoc lands $11.4 million for growth

Sep 30, 2013
Austin American Statesman

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.


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


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