Canadian tech firm Coconut Software has raised $22 million (CAD 28 million) in Series B funding.
The round was led by Toronto-based growth equity firm Klass Capital, with participation from Coconut’s entire roster of existing investors including Information Venture Partners, ScaleUp Ventures, Conexus Venture Capital Fund and Bay Partners.
Coconut provides appointment scheduling and lobby management software for financial institutions which it claims reduces “no shows” and wait times for customer appointments and boosts conversion rates.
The Saskatoon firm, whose clients include RBC Royal Bank, Arvest Bank, Vancity and Rogue Credit Union, says it has seen year over year revenue growth of more than 100% over the last three years.
Coconut CEO Katherine Regnier says there is a “real race to adopt digital experiences” in the financial institution space.
Regnier adds the firm will use the new funds to accelerate product development, hire key roles across the business and invest in marketing and sales “to help FIs transform their customer experience”.