Online account opening pioneer Andera Inc. of Providence, R.I., has purchased oFlows Inc., a San Francisco-based provider of paperless origination solutions for credit unions and banks.
“The combination will improve Andera’s customer experience and provide a technology upgrade; it will also increase Andera’s efficiency when implementing and maintaining client websites,” Andera said in a statement.
Charlie Kroll, Andera founder and CEO, said, “Financial institutions can work with a single provider to originate all products in all channels—mobile, Web, call center and branch. Having one platform and one vendor simplifies life for our clients—and provides a better experience for their customers and members.”
Both companies are privately held and no terms were announced. oFlows CEO Scott Pitts is now chief product officer for Andera, the company said.
Andera, one of the first to offer online account opening, has grown from two clients in 2004 to more than 500 credit union and bank customers as it expanded its services to include marketing, anti-fraud and compliance solutions.
The company’s headquarters will remain in Providence and its New York office will be expanded, Kroll said, and the San Francisco offices of oFlow will serve as Andera’s office there. The oFlow brand also will be retained as a product or platform, the company said.
oFlows' products, which include iPad and other mobile applications for paperless origination of credit card, auto and other loans, have won industry awards that include “best of show” honors at Finovate conferences, the company said.