Gro Solutions, a leading provider of digital growth solutions for banks and credit unions, today announced that it has closed a $4.25 million round of funding. This funding round, led by Atlanta-based TTV Capital also included additional investments from BIP Capital, C&B Capital, and BLH Venture Partners, and represents TTV Capital's first investment out of its fourth fund in the State of Georgia. Invest Georgia, a long-term investment program backed by the State of Georgia, is an investor in TTV Capital's fourth fund.
"Invest Georgia is thrilled to see TTV Capital's leadership bringing together multiple Georgia-based institutional investors into a local company that operates in fintech, one of the fastest growing, most innovative industries in the State of Georgia," said Knox Massey, executive director of Invest Georgia.
Gro Solutions has experienced rapid growth over the past 12 months, including a more than 500% increase in its customer base. With this investment, the company will ramp up research and development into the next generation of frictionless customer experience, while improving security and compliance. Gro also plans to relocate its corporate headquarters from Johns Creek, Ga. to participate in Midtown Atlanta's growing fintech community.
"TTV Capital is looking forward to working with the Gro team to provide bank customers the kind of checkout experience they are used to from e-Commerce and mobile commerce companies," said Sean Banks, partner, TTV Capital.
"As the world continues its trend toward mobile, the traditional brick-and-mortar bank is being disrupted. The early traction of the Gro platform validates that Gro Solutions is well positioned to help traditional banks move to a mobile first world," said Cres Ferrell, vice president at BIP Capital.
Gro has earned many accolades for their leadership in fintech innovation, and was recently a recipient of the Technology Association of Georgia (TAG) FinTech ADVANCE Award. The company enables customer growth by eliminating friction and significantly reducing abandonment during the account opening process through its patent-pending workflow, which is designed to complete the account onboarding process in less than four minutes. Additionally, the company was the first to introduce ID scanning for both native and mobile web using the camera on a smart device; and the first to offer a solution beyond ID imaging by leveraging information from the billing record of the wireless carrier to auto populate data fields with the touch of a button.
"We are relentlessly focused on making the sales process as easy as possible for banks and credit unions," said David Eads, CEO of Gro Solutions. "This investment supercharges our ability to radically improve the customer experience at financial institutions and help them grow."
About Gro Solutions
Founded in 2015, Gro Solutions provides a digital sales platform to drive acquisition growth for banks and credit unions, across all channels of their business. The Gro Sales Platform features innovative and intuitive software solutions designed to optimize both the financial institution and end user experience for digital sales tasks, such as account opening and loan origination. For more information, visit www.grobanking.com, or follow us on Twitter, @GroBanking.