DOXIM Stock

Doxim Founder and CEO Chris Rasmussen Markham, Ontario-based Doxim Solutions ULC, developer of a SaaS Customer Engagement Platform aimed at financial institutions, has completed a C$17.1 million financing package through PNC Bank's Canada branch. Doxim will use the money to refinance existing debt and for ongoing working capital. Doxim's Customer Engagement Platform helps North American financial institutions, banks, credit unions and wealth management firms to improve their client experience, with automated client onboarding, personalized communications, and access to content tailored to each client's channel preferences. Founded in the year 2000, Doxim is a fintech company so far ahead of the curve that the term fintech didn't exist when it began. Doxim is founder-led and a portfolio company of Strattam Capital, a private equity firm with offices in San Francisco, and Austin, Texas, that has backed Doxim since 2014. While most fintech companies focus on either disrupting or being acquired by the big banking institutions, Doxim focuses on financial entities that either don't have the deep pockets of the big banks or the tech savvy of a fintech start-up, but nonetheless need to compete with both of those forces. Doxim's client base captures an approximate 70% share of institutions in the Canadian credit union market, as well as over 90% of the correspondent clearing firms under contract in Canada, with a customer portfolio rounded out by other wealth management, brokerage and banking firms. PNC's financing included a C$1.9 million senior secured revolver with a C$15.2 million senior secured term loan. PNC Bank, is a member of The PNC Financial Services Group, Inc. (NYSE: PNC), headquartered in Pittsburgh and one of the largest diversified financial services institutions in the United States, with a focus on local delivery of retail and business banking, residential mortgage banking, specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending, as well as wealth and asset management. PNC Bank Canada Branch provides commercial bank deposit, treasury management, and lending services, including asset-based lending, as well as leasing products and services. The Doxim Customer Engagement Platform provides financial service institutions with a single end-to-end digital solution, providing an omni-channel experience for banking customers' access to branch, ATM, call center, mobile and online services through a single platform, helping banks communicate more effectively through the client lifecycle, improve selling activities, and to increase wallet share. Doxim's CRM for financial advisors provides a dashboard view of client profile information, maintaining a digital record of all contact between a household and its financial services provider, along with real-time personal achievement reports. In May, Doxim acquired Virginia-based DigitalMailer Inc., a developer of digital customer communications products and services that serves more than 200 credit unions and community banks, effectively extending Doxim's client reach to more than 16 million consumers, as well as adding two new office locations, in Herndon, Virginia and Charlotte, North Carolina, to its existing New York City office. Doxim also folded DigitalMailer's products into its own Customer Engagement Platform, enhancing its customer communications capabilities. Last September, Doxim acquired Mississauga, Ontario document composition, processing, delivery and archiving service Roler Data. Shortly after the Roler Data acquisition, Doxim rolled out its upgraded Customer Engagement Platform and introduced a new brand identity and tagline.

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Markham fintech firm Doxim raises $17.1 million through PNC Bank

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