ATLANTA, June 9, 2021 /PRNewswire/ — Bank Shot announced today that it has partnered with and received an investment from Rule 1 Ventures. Emily Traxler, a certified customer success expert for technology startups, has been named Chief Executive Officer.
Bank Shot is a real estate financial technology leader with a patented mobile app that allows the real estate and title industry to safely and securely manage and deposit funds, including earnest money, real estate funds, rental deposits and more. The company has experienced rapid growth during and since the COVID-19 pandemic, since its technology allows users to transfer funds remotely, without having to walk into a bank or office and hand over a paper check.
Rule 1 Ventures is a venture studio that co-founds companies with dynamic entrepreneurs, providing the people, processes, and resources to accelerate speed to market, value creation, and profitable growth.
Emily Traxler will lead Bank Shot as CEO, taking over from founders Bernardine W. Drake and Glenn Drake. Bernardine and Glenn originally developed Bank Shot for use by their own real estate brokerage, Drake Realty. The technology improved the process of transferring earnest money so dramatically that the Drakes began offering it as a product to other real estate agents, property managers, closing attorneys and escrow agents.
"There was major interest in Bank Shot, ranging from venture capital to companies looking to buy the product. It was crystal clear to us that Rule 1 Ventures was the best choice to launch, innovate and grow Bank Shot. They bring to the table comprehensive and expert software developers, the highest compliance with cyber security, a superior operations department, and more – this made partnering up an easy decision," said Glenn Drake.
"While we have experienced high growth to date, partnering with Rule 1 Ventures will allow Bank Shot to scale even faster," stated Bernardine Drake. "Glenn and I look forward to turning our focus back to Drake Realty. However, as industry veterans, we will continue to support and be involved with Bank Shot on consulting and innovative growth strategies."
"We’re thrilled to partner with Bank Shot," reported Gary Buxton, General Partner and COO/CFO of Rule 1 Ventures. "We’ve got a deep history and development expertise in fintech. That, along with Bank Shot’s proprietary platform make a great combination to bring needed technology to real estate closing transactions."
"I’m excited to take the helm at Bank Shot," said Emily Traxler, CEO. "The mobile app and portal allow all parties in a real estate transaction to save time and money, while remaining compliant. Everything about a real estate closing went digital years ago except for the payment side, which Bank Shot has now digitized."
Emily is an innovative leader who began her career in hospitality and technology sales. Her experience in creating dynamic success organizations within rapidly growing SaaS startups is most notable. Prior to joining Bank Shot, Emily was the VP of Customer Success for SingleOps where she joined as the sixth employee and built the implementation, support, and success teams from the ground up. Previously, Emily was at Clockwise.MD, another SaaS startup, where she originated teams in sales and operations. She has earned a Level 3 CCSM (Certified Customer Success Manager) certification from SuccessHACKER, as well as a B.S in Consumer Economics from the University of Georgia.
Rule 1 Ventures is currently investing development resources into automating more of Bank Shot’s processes and enhancing the product further. The venture studio is also providing product management, marketing, sales, customer success, finance, and legal services to Bank Shot.
About Bank Shot
With its patented portal technology, Bank Shot enables users to successfully complete real estate transactions via their smartphone, including earnest money, real estate transactions, broker agent commissions, rental house deposits and more, all with the simple click of a button. Bank Shot’s "stoplight" technology portal enables users to either deposit, hold or reject a payment, a clear advantage over Automated Clearing House (ACH) transactions and any other Earnest Money Deposit (EMD) option on the market today. For more information, visit getbankshot.com.
About Rule 1 Ventures
Rule 1 Ventures is a venture studio that co-founds companies with dynamic entrepreneurs, providing the people, processes, and resources to accelerate speed to market, value creation, and profitable growth. Rule 1’s mission is to solve B2B inefficiencies through digitization and optimization of B2B transactions, particularly through API data integrations and artificial intelligence/machine learning. The studio focuses on SaaS (Software as a Service) startups in the fintech, transportation & logistics, security, and pharmacy industries. For more information, visit r1vs.com.
SOURCE Bank Shot