Wilmington-based Live Oak Ventures, the investment arm of Live Oak Bancshares Inc., on Monday announced an investment in Asset Class, a fintech firm based in Dublin, Ireland.

Canapi Ventures led the $11.6 million Series A Funding, the release stated, but officials in Monday's announcement did not go into details about each investor's contribution. 

Asset Class "provides a range of innovative, custom investment management software solutions to clients across financial sectors, with a focus on private equity, venture capital, financial advisory and commercial lending," according to a news release.

Asset Class services more than 300 funds, totaling $33 billion in assets under management, and a network of over 15,000 accredited investors, the release stated.

Live Oak Ventures participated in the round "to support solutions for the venture capital and private equity customers Live Oak Bank serves," according to the release.

“We believe there are exciting applications of embedded banking in partnership with Asset Class. As an investment adviser to Canapi Ventures, Live Oak also sees firsthand the need for modern, integrated solutions for alternative investment funds,” said Stephanie Mann, chief strategy officer at Live Oak Bancshares, in the release.

According to the release, the growth capital "will allow Asset Class to focus on expanding its employee headcount, specifically in the areas of software and business development. Asset Class intends to capitalize on the positive tailwinds impacting the industry, which include growth in the number of private capital funds and accredited investors seeking access, a digital-first landscape, and trillions of dollars of cash ready to be deployed into the alternative fund strategies that Asset Class serves."

Ferdinand Roberts, CEO and founder of Asset Class, stated in the release, “As we’ve grown, we like to say that the venture capital, private equity and commercial lending firms we work with come for the technology we provide and stay for the network we offer."