Live Oak Ventures invests in Sunbound Inc., enhancing financial operations for senior housing through innovative technology solutions.
Quiver AI Summary
Live Oak Ventures, the investment division of Live Oak Bancshares, has invested in Sunbound Inc., a company that provides automated financial solutions for the senior housing sector. Sunbound aims to enhance the financial operations of senior housing communities, allowing them to focus on delivering quality care while improving financial efficiency. The platform supports insurance claims and private payments, offers features like online payments and claims management, and provides insights for better cash flow. Live Oak's Chief Strategy Officer, Stephanie Mann, highlighted the relevance of Sunbound's technology in addressing challenges faced in the senior housing market. Sunbound CEO Manny Cominsky expressed enthusiasm for collaborating with Live Oak Ventures to enhance financial performance in the industry.
Potential Positives
- Live Oak Ventures is strengthening its position in the fintech space by investing in Sunbound, which provides innovative solutions tailored for the senior housing market.
- The investment highlights Live Oak's commitment to enhancing operational efficiency and financial performance in the senior housing industry, an area they have been servicing for years.
- Sunbound's platform addresses significant industry challenges by optimizing revenue generation and improving cash flow for senior living operators.
- This collaboration between Live Oak Ventures and Sunbound may lead to enhanced service offerings in the financial technology sector, potentially benefiting both the companies and their clients.
Potential Negatives
- The press release highlights operational inefficiencies and financial underperformance challenges within the senior housing sector, indicating significant obstacles that might undermine Live Oak Ventures' investment strategy.
- The need for significant improvement in the payments experience suggests that the existing systems in place are inadequate, which could reflect negatively on the industry the company is investing in.
- Emphasizing that over 50% of payments in the senior living sector are still made by check raises concerns about the industry's slow adoption of modern financial technology, which may hinder growth potential.
FAQ
What investment has Live Oak Ventures made recently?
Live Oak Ventures has invested in Sunbound Inc., a provider of automated financial operations solutions for the senior housing industry.
How does Sunbound improve financial operations?
Sunbound optimizes financial operations by offering a comprehensive revenue solution that enhances insurance claims, private pay solutions, and cash flow management.
What challenges does Sunbound aim to address?
Sunbound addresses operational inefficiencies and financial underperformance in the senior housing industry by streamlining financial processes for operators and families.
Who is the CEO of Sunbound?
Manny Cominsky is the CEO of Sunbound and is focused on improving financial performance for senior living operators.
What is Live Oak Ventures' mission?
Live Oak Ventures aims to bring innovation to financial services by investing in companies that deliver open digital solutions to the market.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
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Full Release
WILMINGTON, N.C., Dec. 04, 2024 (GLOBE NEWSWIRE) -- Live Oak Ventures, the investment arm of Live Oak Bancshares, Inc., has announced an investment in Sunbound Inc., a provider of automated financial operations solutions for the senior housing industry.
Sunbound leverages best in class technology to optimize financial operations, so senior housing communities can concentrate on delivering exceptional residential care while improving their financial profile and operational efficiency.
"Our team understands the challenges of operating in the senior housing market. Sunbound is offering an important, next-generation financial operating system that helps businesses navigate those challenges," said Stephanie Mann, Live Oak Bank Chief Strategy Officer. "We are excited to invest in a company that is helping to advance and simplify revenue generation for a vertical we have been serving for many years."
The Sunbound platform is a comprehensive revenue solution that helps optimize insurance claims and private pay solutions. The platform allows for online digital payments, claims management, data insights and improved cash flow.
"The Live Oak team brings a wealth of knowledge and experience, both in financial technology and the senior living industry," said Manny Cominsky, CEO of Sunbound. "We look forward to collaborating with their team to achieve our shared vision of solving operators' most pressing challenges, improving their financial performance and meeting the evolving needs of their residents."
About Live Oak Ventures
Live Oak Ventures, a wholly owned subsidiary of Live Oak Bancshares (NYSE: LOB), is a fintech-focused investor that aims to bring innovation and performance excellence to the forefront of the banking industry. By investing in companies that accelerate the delivery of open digital solutions to the market, Live Oak Ventures intends to change the landscape of financial services and small business banking.
About Sunbound
Sunbound is on a mission to enhance, streamline and ultimately transform the financial processes for both senior living operators and their families. Today, senior living operators receive over 50% of payments by check and manage their financial processes through a range of siloed financial, billing and clinical systems. The lack of consistency leads to operational inefficiencies, financial underperformance and cash flow issues. At the same time, families find the current payments experience confusing, cumbersome and stressful. Sunbound was created to solve this problem by building the first modern, user-friendly, end-to-end platform that saves operators and families time, money and effort.
Contact:
Claire Parker
Live Oak Bank, Corporate Communications
910.597.1592
claire.parker@liveoak.bank
