Deposits, a plug-and-play payment and banking experiences startup, has raised $5m in its seed funding round, which was led by ATX Venture Partners.
Other commitments to the round came from Cabal Fund, Lightspeed Venture Partners and others.
The seed funds will enable Deposits to bolster the development of its full-stack banking platform. It also hopes to hire more staff for its sales, marketing and engineering teams.
Deposits’ cloud-based platform enables credit unions, community banks, insurers, retailers and product brands to offer a variety of payment and banking experiences without needing deep technical expertise.
It claims the platform opens up access to digital banking by making it easy for organisations, regardless of size, skill or budget, to bolster their relationships by offering modern financial experiences. These include mobile apps, online account opening, identity verification, debit and credit accounts, mobile deposits, virtual cards, P2P payments, home and auto loans, foreign exchange and more.
Firms can go live with their platform within days, Deposits claims.
The Deposits payment and banking experiences platform comprises several kits that boast no-code and low-code tools.
These include banking, money, identity, commerce and workplace kits. Each of these hold the features crucial for the related workflows, for example, the identity kit includes KYC tools and the banking kit has invoicing, account management and payment orchestration solutions.
Speaking on the investment, Deposits founder and CEO Joseph Akintolayo said, “Local banks and credit unions have built trust with customers over decades by keeping money within the community. But those customers often fall out of love because those institutions struggle to provide a modern, mobile-first banking experience.
“Deposits makes it easy for trusted brands to provide stellar experiences with money. This means their customers can participate in a full range of financial services that in turn improve their financial circumstances and well-being.”
ATX Venture Partners recently joined the $40m Series B funding round of Atomic, a provider of payroll connectivity solutions.
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