Deposits, a Dallas, TX-based plug-and-play finance startup, raised $5M in Seed funding.
The round was led by ATX Venture Partners with participation from Cabal Fund, Lightspeed Venture Partners.
The company intends to use the funds to continue the development of its full-stack banking platform, and expand its sales, marketing and engineering teams.
Led by CEO Joseph Akintolayo, Deposits is a cloud fintech platform that offers banks, brands, and communities a solution for engagement, modernization and financial services such as payments, mobile apps and lending.
The platform comprises several kits, each of which provide thematic financial experiences for Web, Android and iOS devices using no-code/low-code tools and extendable through open APIs:
- Banking Kit – provides features essential to modern business banking such as invoicing, merchant processing, payments orchestration, accounts, card provisioning, and an account management console for resolving customer queries.
- Money Kit – adds modular mobile banking experiences for modern money management. This includes personal financial management, shared accounts and kids banking, along with features like mobile payments, card management, virtual cards, bill pay, rewards programs and P2P payments.
- Identity Kit – a toolset to verify individual or business customers for banks and non-banks.
- Commerce Kit – adds the ability for platforms to become marketplaces by embedding lightweight shops that enable their users to become merchants.
- Workplace Kit – adds the infrastructure for organizations wanting to tackle their payments and payroll or offer banking to their teams and contractors. Workplace Kit provides a self-service portal for staff to select products or benefits, update personal details, make tax withholding adjustments etc., as well as a back-end for simple administration.
Deposits partners with a range of networks, aggregators, program managers, and issuing banks to facilitate the issuance of payment cards, loans, and other financial products. These include Blue Ridge Bank, Juicefin, Metropolitan Commercial Bank, MX, Qolo, Sutton Bank, Visa, Mastercard, and others.
FinSMEs
24/08/2022