Finzly, a cutting-edge payments infrastructure provider for financial institutions, proudly reported the successful completion of its Series A funding round.
The recent $10m injection came primarily from TZP Growth Equity.
Leading the market in both domestic and international payments, Finzly simplifies operations for financial institutions by unifying all payment rails into one cohesive platform, termed the “payments core”. Pioneering in innovation, they were the inaugural company to initiate an API connection with FedNow, a fresh instant payment service launched by the Federal Reserve this year.
This substantial funding is earmarked to fuel Finzly’s growth trajectory, aiming to serve the escalating demands of financial institutions transitioning digitally.
Current banking systems grapple with an array of systems and vendors for their payment needs, resulting in fragmented and often convoluted experiences for their clientele. However, adopting Finzly’s advanced infrastructure allows banks to significantly cut operational costs due to the platform’s heightened automation capabilities, culminating in seamless transactions for users.
Founded in 2012 by Booshan Rengachari, Finzly has remained a bootstrapped yet consistently profitable venture.
Commenting on the milestone, Finzly founder Booshan Rengachari said, “Throughout Finzly’s history, we have carefully invested in disciplined and organic future growth by developing products and solutions that deliver value to our customers by simplifying their operations. This capital raise will enable us to further invest in our product roadmap built around the theme of providing real-time financial services demanded by today’s real-time economy, scaling our product delivery to maintain our high customer satisfaction rate.”
Furthermore, TZP’s lead partner on the investment, Shamit Mehta, who is set to join the board of directors at Finzly, commented, “Finzly is well-positioned to drive significant advancements in how banking and financial services operate and will become a category-defining company.”
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