Rize, a self-stylised FinTech-as-a-service platform, has closed its Series A on $11.4m as it continues its mission of revisioning the financial world.
Alpha Edison and Morpheus Ventures served as the co-lead investors to the round, with commitments also coming from Raptor Group, Revolution’s Rise of the Rest Seed Fund, Third Prime, Red & Blue Ventures, Graham Holdings, Walkabout Ventures and Rucker Park Capital.
In a blog post announcing the funding, it stated the company was founded by Kirk Voltz and Justin Howell to make financial services simple and accessible to everyone. It stated their vision was to build a financial world that was built around customer-centric user experiences that would match how people use money with their daily lives.
The company originally started out as a B2C FinTech due to the team’s expertise on customer pain points around money. However, Rize repositioned itself to fix the underlying problems in finance, which was more than better user experiences. The team went to rebuild financial infrastructure from the ground up, it said.
The blog post continued, “So that’s what we did, initially to solve our own problems. But as we talked to other fintech builders about what we had done, we discovered that our uniquely flexible approach could solve the core infrastructure problems that they were running into as well. And so, we pivoted Rize from a B2C FinTech app into a B2B platform that supports other FinTech builders around their core banking infrastructure needs.”
With the Series A funding, Rize hopes to enhance its existing product suite and build new projects that will enhance the client experience.
Rize claims to be the only “truly” full-stack banking-as-a-service platform that combines all banking, processing and compliance capabilities into a single API-powered platform. Its technology enables a company to build their own tools for checking, savings, brokerage, business and joint accounts, as well as implement physical and virtual cards, mobile check deposits, and wires.
The company also supports compliance tools, including KYC, fraud monitoring, SAR case management, transaction monitoring, compliance and regulatory support and more.
Copyright © 2021 FinTech Global
