Infinant raised $15 million in a Series A financing round.
The company intends to spend the mentioned funds on expanding its cloud-based bank platform. Part of the money will also be used for enhancing products, aligning with regulatory requirements, and helping banks scale new financial solutions. The relevant information is contained in the Infinant press release.
The company’s chief executive officer Riaz Syed stated that financial institutions are realizing significant and responsible growth by diversifying their deposit gathering and payment channels by decoupling from the core and distributing their products across new platforms.
In a press release, it was noted that Infinant’s cloud-based platform called Interlace allows banks to launch and scale digital and embedded programs under their own control.
With a bank-owned platform, each lender has operational and regulatory control of their programs, including ledger, operations, and compliance. This was mentioned in the press release.
Infinant works with financial institutions to launch digital lenders into niche markets, embed products and payments into business vertical applications, expand merchant and independent sales organization (ISO) relationships through emerging payment and instant funding offerings, deliver new products to small and medium-sized businesses (SMB) and commercial customers via sub-accounting, and scale partner banking or banking-as-a-service (SaaS) programs.
John Philpott, partner at Fintop Capital and a member of Jam Fintop Banktech’s investment committee, which led the funding round, underlined a dramatic shift in the market and the approach to embedded banking and banking-as-a-service.
As we have reported earlier, Anatomy Financial Raises $19 Million.
