Deposits Raises $5M in Seed Funding

DepositsThe Seed funding for $5M was raised by, a Dallas-based plug-and play finance startup.

ATX Venture Partners was the leader of the round, with participation by Cabal Fund and Lightspeed Venture Partners.

The company plans to use the funds for the continued development of its full-stack bank platform and to expand its sales, marketing, and engineering teams.

Deposits, led by Joseph Akintolayo (CEO), is a cloud-based fintech platform that offers banks and communities financial services like mobile apps and payments.

The platform includes several kits, which offer thematic financial experiences on Web, Android, and iOS devices. Each kit is extensible via open APIs and uses no-code/low coding tools.

  • Banking Kit – provides features essential to modern business banking such as invoicing, merchant processing, payments orchestration, accounts, card provisioning, and an account management console for resolving customer queries.
  • Money Kit – adds modular mobile banking experiences for modern money management. This includes personal financial management as well as shared accounts and children banking. It also offers features such as mobile payments, card administration, virtual cards, bill payment, rewards programs, and P2P payments.
  • Identity Kit – a toolset to verify individual or business customers for banks and non-banks.
  • Commerce Kit – adds the ability for platforms to become marketplaces by embedding lightweight shops that enable their users to become merchants.
  • Workplace Kit – adds the infrastructure for organizations wanting to tackle their payments and payroll or offer banking to their teams and contractors. Workplace Kit is a self service portal for employees to select products and benefits, update their personal details, make tax adjustments, etc. It also provides back-end support for simple administration.

Deposits partners with a variety of networks, aggregators and program managers to facilitate the issuing of payment cards, loans and other financial products. These include Blue Ridge Bank (Juicefin), Metropolitan Commercial Bank (MX), Qolo and Sutton Bank, Visa Mastercard, Mastercard, among others.

FinSMEs

24/08/2022

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