Productfy said to close seed round on $2.35m to support its financial application development services

Productfy, which empowers companies to build secure financial applications, has reportedly raised $2.35m in its seed round.

Point72 Ventures led the round, with contributions also coming from Envestnet Yodlee Incubator, according to a report from Crunchbase.

With the close of the round, the company has raised a total of $2.4m in equity since it was founded in 2018.

Funds from the round will be used to expand its leadership team, deepen its existing partnerships and invest in product development.

Productfy is currently working with card issuer Marqeta, financial data platform Yodlee, credit reporting agency Equifax and US community bank Avidia to build new functions and capabilities for its platform, it said. The FinTech is in discussions to forming partnerships with two or three more banks in the near future.

A beta programme for FinTechs creating debit and credit card programmes will launch in 2021.

Productfy founder and CEO Duy Vo told Crunchbase, “Up to this point, we have been providing technology-as-a-platform, but one of the things we needed to do is the ‘fin’ part.

“Clients use the technology, but don’t know how to run other capabilities, such as compliance programs. Now with our partnership, we can offer a truly unified card issuance product.”

The company provides companies with the tools needed to create their own FinTech applications, including payments, banking and card issuance. The unified platform can help to launch a service in as little as three weeks.

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