Bankers Helping Bankers Fund (BHB Fund) Invests in RiskScout, a Leading Regulatory Technology Company
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FOR IMMEDIATE RELEASE
AUSTIN, TX - April 4, 2023 - RiskScout, a leading regulatory technology company specializing in compliance automation, announced today that it has secured the first investment from the BHB Fund, a newly launched FinTech-focused venture capital fund “for community banks, by community banks.” The BHB Fund is managed by Latitude38 Venture Partners with the Independent Bankers Association of Texas (IBAT) and FedFis as strategic partners. |
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The BHB Fund joins a handful of prominent backers in this investment round that RiskScout indicates will use the funds to accelerate growth, expand its product offerings and invest in key partnerships to better serve community banks.
"We are honored to be the BHB Fund’s first investment," said CEO Justin Fischer. "Their support and confidence in our business will help us achieve our goals faster and more efficiently. We look forward to a continued partnership with the BHB Fund to build our company and create value for community banks."
The BHB Fund expressed enthusiasm for the partnership, citing RiskScout's potential for growth and innovation in the risky and specialty space for financial institutions. "RiskScout is a promising player in the regulatory technology sector, and we believe in their vision and ability to execute," said BHB Fund Managing Partner Richard Leggett. "We are excited to be part of their journey and support their growth as they continue to build cutting-edge solutions for community banking."
The investment marks a significant milestone for RiskScout, demonstrating its strong market potential and attracting the attention of a community bank funded venture capital firm that represents one of RiskScout’s core target customer segments.
About RiskScout:
After decades of developing enterprise software for financial institutions, pioneering cloud banking and infrastructure, and writing regulatory compliance as part of the FFIEC, our team of experts came together to solve a big problem for community financial service compliance.
Small to medium sized businesses in higher-risk and specialty markets are not able to access financial services because community financial institutions lack the resources, expertise, or infrastructure to expand their business portfolio into higher-risk markets. This compliance barrier leaves many hard-working entrepreneurs without the financial services they need to grow their business. For us, that is unacceptable. By helping financial institutions solve complex compliance with simple solutions, we help local businesses in higher-risk markets find a community partner like you they can trust. For more information about RiskScout visit riskscout.com
About Bankers Helping Bankers Fund:
The BHB Fund is a community bank-focused fintech venture capital fund managed by Latitude38 Venture Partners in partnership with IBAT Services, Inc., a subsidiary of the Independent Bankers Association of Texas (IBAT) and FedFis. Latitude38 Venture Partners was launched in 2022 by General Partners Neeraj Vohra and Richard Leggett who bring extensive investing and operating experience. Camden Fine, former President and CEO of the Independent Community Bankers of America (ICBA), serves as a Venture Partner at the BHB Fund along with Christopher Williston - CEO of IBAT, and Dave and Tanner Mayo – CEO and President of FedFis. The BHB Fund is affiliated with the Bankers Helping Bankers Network, launched in 2021 as a collaboration between FedFis and IBAT. The BHB Fund is a fintech focused venture capital fund “for banks, by banks” that was created to provide community banks with a dual set of benefits: (i) exposure to a diversified portfolio of FinTech investments that improve the competitiveness and efficiency of banks; and, (ii) the potential to earn outsized venture capital returns that are uncorrelated to traditional bank operations. For more information about Bankers Helping Bankers visit bankershelpingbankers.com
Media Contact for RiskScout
Media Relations
Email: [email protected]
Phone: +1 (445) 201-1220
Media Contact for BHB:
Rachel Hernandez at [email protected].
"We are honored to be the BHB Fund’s first investment," said CEO Justin Fischer. "Their support and confidence in our business will help us achieve our goals faster and more efficiently. We look forward to a continued partnership with the BHB Fund to build our company and create value for community banks."
The BHB Fund expressed enthusiasm for the partnership, citing RiskScout's potential for growth and innovation in the risky and specialty space for financial institutions. "RiskScout is a promising player in the regulatory technology sector, and we believe in their vision and ability to execute," said BHB Fund Managing Partner Richard Leggett. "We are excited to be part of their journey and support their growth as they continue to build cutting-edge solutions for community banking."
The investment marks a significant milestone for RiskScout, demonstrating its strong market potential and attracting the attention of a community bank funded venture capital firm that represents one of RiskScout’s core target customer segments.
About RiskScout:
After decades of developing enterprise software for financial institutions, pioneering cloud banking and infrastructure, and writing regulatory compliance as part of the FFIEC, our team of experts came together to solve a big problem for community financial service compliance.
Small to medium sized businesses in higher-risk and specialty markets are not able to access financial services because community financial institutions lack the resources, expertise, or infrastructure to expand their business portfolio into higher-risk markets. This compliance barrier leaves many hard-working entrepreneurs without the financial services they need to grow their business. For us, that is unacceptable. By helping financial institutions solve complex compliance with simple solutions, we help local businesses in higher-risk markets find a community partner like you they can trust. For more information about RiskScout visit riskscout.com
About Bankers Helping Bankers Fund:
The BHB Fund is a community bank-focused fintech venture capital fund managed by Latitude38 Venture Partners in partnership with IBAT Services, Inc., a subsidiary of the Independent Bankers Association of Texas (IBAT) and FedFis. Latitude38 Venture Partners was launched in 2022 by General Partners Neeraj Vohra and Richard Leggett who bring extensive investing and operating experience. Camden Fine, former President and CEO of the Independent Community Bankers of America (ICBA), serves as a Venture Partner at the BHB Fund along with Christopher Williston - CEO of IBAT, and Dave and Tanner Mayo – CEO and President of FedFis. The BHB Fund is affiliated with the Bankers Helping Bankers Network, launched in 2021 as a collaboration between FedFis and IBAT. The BHB Fund is a fintech focused venture capital fund “for banks, by banks” that was created to provide community banks with a dual set of benefits: (i) exposure to a diversified portfolio of FinTech investments that improve the competitiveness and efficiency of banks; and, (ii) the potential to earn outsized venture capital returns that are uncorrelated to traditional bank operations. For more information about Bankers Helping Bankers visit bankershelpingbankers.com
Media Contact for RiskScout
Media Relations
Email: [email protected]
Phone: +1 (445) 201-1220
Media Contact for BHB:
Rachel Hernandez at [email protected].
Source: FI FinTech Newsroom