Infinant, a provider of digital banking solutions, raised $15 million in Series A funding.
Fintop Capital led the investment round with participation from Raido Capital Partners, Woodforest Financial Group, and Bankers Helping Bankers.
Infinant provides a cloud-based platform, Interlace, for banks to launch and scale their digital and embedded programs under their own control. While many banks rely on monolithic core systems or outsource their ledger to a third-party, Infinant flips the model, giving banks operational and regulatory control of their programs on a bank-owned platform, allowing the bank to maintain complete control of the ledger, operations and compliance.
With the new funds, Infinant will continue to expand its product offerings that include the Interlace Console for customer and account management, Settlement Ops for ledger and reconciliation management, Payments Hub that offers centralized payments for ACH, Wire and FedNow, and their Card Platform that includes card issuance and processing directly to Visa DPS.
Infinant works with banks across business models that include launching digital banks into niche markets, embedding financial products and payments into business vertical applications, expanding merchant and ISO relationships through emerging payment and instant funding offerings, delivering new products to SMB and commercial customers via sub-accounting, and scaling of partner banking or banking-as-a-service programs.
“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,” said Riaz Syed, CEO of Infinant. “Fintop’s partnership is a strong market indicator of the solution fit for Infinant in the market and will allow us to continue to grow to meet the needs of financial institutions.”