Atlanta-based data analytics startup FI Navigator closed a $2.5 million Series B investment led by Pete Kight, the former CEO of CheckFree, one of the earliest electronic payments companies. Fintech-focused firm Commerce Ventures and additional investors also participated.
FI Navigator provides a data analytics platform with deep insights into financial institutions, both on an industry-wide and institution-specific basis.
“FI Navigator dramatically advances industry analytics closer to automated consulting with instant, comprehensive assessments of any financial institution,” said Kight in a statement. “That unique ability has the potential to transform the B2Bank sales and consulting models.”
The platform covers nearly all 11,000 banks and credit unions in the U.S. It looks at factors like profitability, franchise growth, risk management and product offering.
They serve financial industry vendors, advisors, and bank or credit union executives looking to better understand the market to develop forward-thinking strategies.
Founder and CEO Steve Cotton has been working with financial sector analytics since his early career days. He founded BancIntelligence, a bank analytics software company which was acquired by Fiserv in 2007 for $40 million.
After leading a business unit at Fiserv, Cotton served as an advisor to other fintech and analytics startups before founding FI Navigator five years ago. He met Kight while at BancIntelligence.
FI Navigator will use the capital to expand its data platform.