Financial technology platform SRA Watchtower has raised $4 million to fund its acquisition of Lumio Insight, a cloud-based data management and analytics provider. Both companies are based in Glen Allen, Va.
The funding round was led by existing investors FINTOP Capital, JAM FINTOP, which has offices in New York, and Arlington, Va.-based global alternative asset management firm EJF Capital. Watchtower’s acquisition will help its platform integrate with Lumio Insight’s advanced data delivery and automated ingestion capabilities, enabling financial institutions to make better decisions with greater accuracy and speed, the company said.
“Data is the currency of the future,” said Edward Vincent, CEO of SRA Watchtower, when the acquisition was announced on Feb. 11. “Lumio Insight’s data ingestion capabilities and insight applications will enable Watchtower to provide banks, as well as credit unions, with a timely view into operational and financial risks. By combining Lumio Insight and its talented team with SRA Watchtower, we are well-equipped to enhance and deliver The Holistic Risk and Business Intelligence Platform, furthering our mission of empowering executives and boards to make the best risk-informed decisions.”
Vincent has more than 25 years of leadership and operating experience. Prior to joining SRA Watchtower, he was chief operating officer of StarCompliance. Vincent received an MBA from both the Columbia Business School and the London Business School. He graduated from the University of Pennsylvania’s Jerome Fisher Program in Management and Technology, with both a BS in Economics, dual concentration in Finance and Entrepreneurial Management, from the Wharton School, and a BS in Applied Science, concentration in Mechanical Engineering and Applied Mechanics.
Watchtower’s SaaS platform provides innovative risk management and financial insight solutions for the financial services industry.
“Bank leaders and risk committees need reliable and timely data to make informed decisions. We see the industry consistently demanding better and more versatile tools in this space,” said Joe Maxwell, SRA Watchtower’s chairman and FINTOP Capital’s managing Partner. “Watchtower’s Holistic Risk and Business Intelligence Platform delivers timely and powerful data analytics. This team is well-positioned to scale and iterate upon this technology to address the evolving needs of the financial industry.”
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This funding will build upon the recently acquired Lumio Insight application suite with its advanced data management and analytics capabilities to create AI-powered “Risk Insights,” the company said. Lumio Insight co-founder and CEO Jeff Fink will lead SRA Watchtower’s product and technology teams and join its board.
“By integrating our expertise in data management and business intelligence with Watchtower’s leading risk management analytics, we will provide even more powerful insights to the financial services industry,” said Fink, a specialist in data management for business. “Lumio Insight’s suite of Financial, Customer, Deposit, and Loan Insight applications combined with Watchtower’s Risk Insight capabilities will empower chief financial, credit and risk officers to enact better operational and strategic decisions.”
“Watchtower creates the clearest picture of data through robust dashboards and reporting, empowering executives to cut through the noise, focus on what matters most, and make informed decisions on critical issues,” said Russ Bernthal, a board member of SRA Watchtower. “Automating the ingestion of core system, general ledger, BSA, fraud, ALCO, economic, and other risk-related sources optimizes data aggregation and creates a single warehouse from which to generate risk and financial insights.”
