BIRMINGHAM, Ala., June 01, 2023 (GLOBE NEWSWIRE) -- Alabama Futures Fund (“AFF” or the “Fund”) recently placed an investment in Allison Fintech Co, Inc. (“Allison”). Based in Tampa, Florida, Allison is a Banking-as-a-Service (“BaaS”) platform that enables banks to incorporate fintech products into their traditional payment remittance and banking service offerings. Allison’s BaaS offering utilizes software that connects non-bank financial services customers with participating banking partners and incorporates compliance tools, low-code workflow creation tools, and embedded finance functionality.
In connection with the investment from AFF, Allison will relocate its headquarters to Birmingham, Alabama, while maintaining an office in Tampa, Florida, and establishing a presence in the tech-savvy city of Austin, Texas. These locations are the foundation of Allison's nationwide growth strategy, driven by its mission to revolutionize banking operations with its groundbreaking software.
Allison's proprietary software assists community banks and credit unions in increasing deposits while simultaneously cutting administrative costs. Leveraging sophisticated automation and compliance tools, Allison enables these financial institutions to streamline their operations, heighten customer service levels, and maintain a competitive edge in the fast-evolving banking sector.
AFF served as the lead investor for Allison’s current fundraising round following Allison’s graduation from the JP Morgan Techstars accelerator program in Miami, Florida.
"We are poised to deepen our foothold in the U.S. with the opening of our new headquarters in Birmingham, a city swiftly gaining momentum for its vibrant tech scene and welcoming business climate," said Brian Alvarez-Bailey, CEO of Allison. "Our expansion reflects not only our company's robust growth but also our unwavering commitment to our clients. We're extremely appreciative of the support from Alabama Futures Fund, Techstars, and The Everywhere Fund, as these investments validate our vision and will catalyze our continuous innovation in the fintech landscape."
The choice of Birmingham for Allison's new headquarters highlights the city's growing stature as a technology and innovation hub. Allison's presence will likely stimulate the local economy, create employment opportunities, and foster innovation in the BaaS sector.
This represents the seventeenth investment from AFF since the Fund launched in Q3 of 2018. AFF served as the lead investor on the round with participation from other US-based investors. Redhawk Advisory, LLC (“Redhawk”) serves as the investment manager of AFF and advised AFF on the Allison investment.
Matt Hottle, Partner at Redhawk said, “The commercial banking landscape has changed dramatically over the last five years with the emergence of decentralized financing, advanced payment processing and near-frictionless account transactions for both consumers and businesses. Regulatory-compliant technology that fosters increased access, speed and efficiency has become a requirement for banks looking to expand their markets.”
About Alabama Futures Fund, LP
AFF seeks to make seed and early-stage investments in Alabama-based operating companies and companies that are willing to relocate their headquarters and principal business operations to Alabama. AFF will target portfolio investments that demonstrate high growth potential, are led by coachable and adaptable founding teams and are focused on large total addressable markets. Additional information about AFF can be found at www.alabamafuturesfund.com.
About Redhawk Advisory, LLC
Redhawk is a registered Investment Advisor with offices in Birmingham. Founded in 2018 by Matt Hottle and Mickey Millsap, Redhawk focuses on identifying investments in early-stage startups with high growth potential across a broad range of industries. For more information, please visit www.RedhawkVC.com.
Contact: Matt Hottle
Telephone: 205-530-3722
E-mail: matt@redhawkadvisory.com
