Founded in 2000 by Charlie Kroll, who was finishing up his final year at Brown University at the time, Andera was originally founded as a custom developer of websites and applications. In its first few years, Andera produced diverse projects such as movie websites for Metro-Goldwyn-Meyer, interactive advertisements for Time magazine and underwriting technology for John Hancock.

While Andera was doing well, the company lacked a niche...[after discovering a demand for online account opening,] the company re-focused itself on solving the problem.

With Andera's software, a new account can be opened, with all steps including identity verification completed, in 8-10 minutes.

Andera responded to an unmet need and as a result, is experiencing rapid growth; in 2006, Andera ended with 103 financial institutions among its customers, twice as much as the year before.