Malvern’s Savana Raises $2.9 Million, Aims to Capitalize on Growth Prompted by Shift in Strategy

Kimberly McGuane
By
Image via Savana.

Malvern-based Savana raised $2.9 million in a recently completed financing round as it is looking to capitalize on the growth prompted by its major strategy shift two years ago, writes Michelle Caffrey for the Philadelphia Business Journal.

The fintech software company was founded 11 years ago. It supplies banks and other financial service companies with software that helps them increase automation and improve how they manage internal operations and customer engagement. One of its products is a software program used by bank employees for when a customer calls to report a fraudulent charge on their card.

The company started by selling one-time licenses for customers to run its software locally. However, as a growing number of tech companies moved to cloud-based, software-as-a-service models, Savana decided to drop its old model and follow their example.

“We set on a course to build out a new generation of our software,” said President and CTO Mike Wolfel.

The company has already started rolling out its SaaS products to several major banks and has a strong sales pipeline ahead.

“We’re seeing the fruits of that effort at this point,” said Wolfel.

Read more about Savana in the Philadelphia Business Journal here.

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