A Florida-based banking-as-a-service platform is moving its headquarters to Birmingham after an investment by the Alabama Futures Fund.

Allison Fintech Co., Inc., out of Tampa, helps banks to incorporate fintech products into their traditional payment remittance and banking service offerings.

The terms of the investment were not disclosed. Founded in 2018, the Alabama Futures Fund offers seed-stage investment funding to companies in-state or willing to relocate here.

Allison Fintech uses software to connect non-bank financial services customers with participating banking partners, also offering items like compliance tools and low-code workflow creation tools. Its proprietary software allows community banks and credit unions to increase deposits while cutting administrative costs.

Alison has offices in Austin and Tampa.

CEO Brian Alvarez-Bailey called Birmingham “a city swiftly gaining momentum for its vibrant tech scene and welcoming business climate.”

“Our expansion reflects not only our company’s robust growth but also our unwavering commitment to our clients,” Alvarez-Bailey said. “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.”

Redhawk Advisory serves as the investment manager of AFF.

“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,” Matt Hottle, partner at Redhawk, said. “Regulatory-compliant technology that fosters increased access, speed and efficiency has become a requirement for banks looking to expand their markets.”

This is the 17th investment from AFF since its launch. AFF served as the lead investor for Allison’s current fundraising round, following the company’s graduation from the JP Morgan Techstars accelerator program in Miami.