Andera adds $350K in new funds from Slater

By Mass High Tech

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The Slater Technology Fund reports that it has provided $350,000 in additional funding to Providence, R.I.-based Andera Inc. as part of the company’s $850,000 latest round of financing.

Slater’s latest funding increases its total investment in Andera to $750,000, officials said.

The Slater Technology Fund is a state-backed venture capital fund that invests in Rhode Island-based startup companies.

Andera, founded in 2000, develops a subscription-based, software-as-a-service product designed to enable banks to open customer accounts online.

The company claims 200 bank and credit union customers, but said it plans to grow that to at least 1,000 within four years. Andera, which now employs 50 workers, has increased its headcount more than 60 percent during the last 12 months, officials said.

The number of U.S. financial institutions offering an online account-opening feature is expected to increase from fewer than 2 percent in 2007 to between 18 percent and 20 percent by 2010, according to banking industry research firm Celent LLC.

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