FundsXpress

In 1996, a full decade before the term ‘FinTech’ became mainstream, John Burns founded FundsXpress in Austin, Texas. The company had a straightforward mission: provide software that allowed community banks and other financial institutions to offer internet-based services. This included then-novel concepts like online retail and business banking, bill payment, and cash management. The company identified a critical need. While large national banks were building their own online platforms, smaller community institutions lacked the resources to compete. FundsXpress provided a turnkey solution, enabling these smaller players to offer modern digital services to their customers. This focus on an underserved market segment allowed them to grow steadily. After securing venture capital from firms like Warburg Pincus and the Texas Growth Fund, FundsXpress was on a clear trajectory. By 2007, the company served over 500 financial institutions. This success did not go unnoticed. In April 2007, the electronic commerce giant First Data announced its intention to acquire FundsXpress. The deal, completed in June 2007, was a strategic move for First Data to expand its offerings to a large base of community financial institutions, a market where FundsXpress had proven its dominance.