Fintech underdog Xtiva raises $10 million in funding to focus on digital transformation
We live in a time when the only constant is change. The competitive landscape is always changing, especially in the financial services sector. At a time like this, it’s vital for financial professionals and financial service firms to know what steps to take next. Xtiva is a fintech startup that provides the leading Sales Performance Management (SPM) and Compensation Incentive technology to the financial services industry.
As financial service firms rush to accelerate their front office transformation in a bid for more efficiency, more scale, and more growth, this little company called Xtiva is on the frontlines of that. The financial industry is looking to upgrade from legacy systems to modern, cloud-based distribution performance tools and Xtiva’s recent raise, even in the midst of everything going on, is proof that smaller, more nimble companies are coming up, bringing creative approaches to big opportunities and might just eat the lunch of bigger players in the game.
Early this month, the New York City-based Xtiva announced it has raised $10 million to invest in product capabilities to further advance the customer experience, scale the team and expand sales presence focused on key markets. The round was led by Austin Texas based Recurring Capital Partners.
Founded in 1998 by Todd Engle, Xtiva Financial Systems provides the leading sales performance management (SPM) and incentive compensation management (ICM) systems for the financial services industry. Xtiva’s cloud-based SPM product suite enables financial organizations increase efficiency, enhance scalability & drive growth.
Commenting on the funding, Tom Moysak, Chief Executive Officer of Xtiva, said, “This investment is another tremendous endorsement of the new direction we charted in 2016 to help financial service firms drive more value by building a pure play SPM platform dedicated to their unique needs,” Moysak added: “This partnership with Recurring Capital will enable us to go harder and faster in bringing value to customers. We could not be more pleased with how our vision is unfolding.”
Xtiva‘s cloud-based product suite, enables financial organizations to accelerate scalable performance through better business intelligence, sales enablement, and talent management, supported by dynamic and compelling incentive compensation. Close to 100 financial service enterprises use Xtiva‘s software, services and support to maximize their salesforce and business performance.
“The financial services industry is rapidly transitioning legacy systems to modern cloud workflow systems, and we see a large growth opportunity in Sales Performance Management,” said Brian Henley, Managing Partner of Recurring Capital Partners. “We have enjoyed working with Tom and his team for the past year and are excited to be providing additional growth capital to further accelerate the growth and penetration of XtivaCloud.”