Urbanic, the fashion e-tailer, has launched a new brand called Savana by Urbanic, targeting the Gen-Z consumer market.
This strategic move aims to attract younger shoppers with a fresh and trend-driven fashion line. Savana by Urbanic is designed to cater to the evolving tastes and preferences of Gen-Z, focusing on style, affordability, and the latest trends.
In a related announcement, Malvern, Pennsylvania-based Savana, a company specializing in financial software for traditional banks, has raised $45 million. This funding includes $10 million in debt and $35 million in a Series A equity round led by Georgian Capital Partners.
Michael Sanchez, CEO of Savana, shared with TechCrunch that the new capital will support the company’s growth, product development, and go-to-market strategies. Savana, founded in 2009 by Sanchez, aims to address the gaps in digital transformation for banks. Despite banks’ efforts to modernize, many have struggled to successfully transition to digital operations.
A 2022 survey highlights that while many banks believe they are close to completing their digital transformation, fewer than 25% have seen significant revenue growth, and only 11% have fully modernized their systems. This gap presents a challenge as banks face increasing competition from fintech companies.
Sanchez emphasized that today’s consumers demand digital-only banking solutions, a trend accelerated by the COVID-19 pandemic. He noted that despite the perception of digital advancement, many banks are unprepared for this shift in consumer behavior. Savana’s platform aims to address these issues by providing automated solutions for back-office and core banking processes, using templates, APIs, and integrations to streamline operations and enhance service efficiency.
