Productfy, a banking as a service platform that offers embedded financial products, has raised $16m in its Series A funding round.
CM Ventures, a global venture capital firm, served as the lead investor, with commitments also coming from previous Productfy backers Point72 Ventures, 500 Startups and Envestnet | Yodlee.
Funds from the round have been earmarked to scale Productfy’s offerings and its compliance capabilities. The FinTech company is also looking to add new integrations and partnerships in the coming quarters.
Productfy has recently established several partnerships to bolster the power of its embedded finance ecosystem for developers and innovators. Some of the new partners include modern card issuing platform Marqeta, card fulfillment partner Arroweye, MasterCard, financial data provider Envestnet | Yodlee, and data and analytics company Equifax.
Furthermore, Productfy recently teamed up with Stearns Bank National Association to help build an expanded money movement, digital banking and card issuance products. Stearns Clients will be able to launch money movement management and card programs with enhanced due diligence.
Stearns Bank chief risk and information security officer Josh Hofer said, “Productfy’s solution is unlike any we’ve seen in the market. The combination of world-class architecture from a technical founder, API design, program management, and compliance with a maniacal focus on enabling any non-bank company to easily launch a financial product to market is what sets Productfy apart in a competitive ecosystem.
“Aligning our technology roadmap with Productfy’s enables both companies to succeed by making banking products more accessible and scalable for the entire ecosystem, and we’re excited to be part of this journey.â€
Productfy helps businesses launch their own financial products within three weeks, it claims. Products available include payments, deposits and card issuance.
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