The Independent Community Bankers of America (ICBA) has invested in Springdale-based financial software developer Teslar Software. The company, formerly known as 3E Software Inc., serves banks across the nation, ranging in asset size from $50 million to $50 billion.
Specific financial details of the investment were not disclosed. However, the capital infusion does bring Teslar Software’s total seed capital raised to $2 million. The company is on track to double its revenue this year, and the investment will allow the business to add staff to support the growth.
“We were impressed with Teslar’s banking background and their platform’s capabilities to aid community bank business processes and data requirements during the Accelerator program,” ICBA Services Network Chief Operating Officer Kevin Tweddle said in a statement. “We look forward to supporting Teslar as they continue to empower community bankers with the tools they need to grow with confidence and ease.”
The Teslar platform is built on modern, configured technology aimed at streamlining processes and improving operations with better data. The platform helps community banks optimize work processes and improve customer interactions.
“We provide the solutions necessary for community banks to operate more efficiently and effectively, while focusing on what matters most: exceptional customer service,” said Joe Ehrhardt, Teslar Software CEO and founder. “This investment and ICBA’s support will provide resources to grow our team and continue advancing our technology, furthering our mission to help community bankers prosper.”
Teslar Software was one of eight companies to participate in ICBA’s ThinkTech Accelerator in Little Rock. At the demo day in March, Teslar won the Banker’s Choice Award for most impactful solution.