Independence Bancshares in Greenville, S.C., has raised nearly $8.5 million to help it expand its payments, technology and digital banking operations.

The $97 million-asset company, which operates as nD bancgroup, said in a press release Wednesday that it sold convertible preferred stock to institutional investors and members of its management team. The company said the funds could also help it upgrade data center infrastructures and expand operations in Greenville and New York.

Independence Bancshares is the holding company for Independence National Bank, which has been transitioning to a digital first model since former Citigroup executive Gordon Baird became chief executive in 2013.

The company also said that it had added two directors: Adam Hurwich and Russell Echlov.

Hurwich is a portfolio manager at Ulysses Management and a member of the Financial Accounting Standards Advisory Council. He has also served as a director of First Security Group and FSGBank since June 2013. Echlov, an assistant portfolio manager at investment advisory firm RMB Capital Management, has expertise in payment processing, technology and financial markets.

Independence disclosed earlier this month that it had submitted an asset purchase agreement with MPIB Holdings, a firm founded by Baird that focuses on digital payments, for review by the Federal Reserve Board. Independence also said it had entered into a license agreement with MPIB to use certain intellectual property tied to mobile payments and digital transactions.