Archway, a US-based fintech company that provides a single access point for connecting any banking platform to third-party financial software providers, has received $15 million in funding from WaFd Bank and Madrona Venture Partners.

The funds will be used to expand operations and develop the next generation of the company's platform, which allows banks to modernize and personalize digital customer interactions. Banks can use Archway's platform to integrate their basic banking services into web, mobile, voice, and AI technologies. With a single API access point, Archway facilitates the integration of a bank's internal core technology stack to customer-facing applications.
“A consumer fintech revolution has changed the way banks operate, said Dustin Hubbard, president of Archway. However, the technology is costly to develop and difficult to integrate. Regulatory requirements heavily encroach on banking infrastructure, and many banks have systems that were designed for running the business, not for customer service.

"By using a cloud-native approach, we abstract the complexity for banks, allowing them to easily integrate the technologies that their customers want."