BaaS startup, Productfy raises $16M in Series A funding round

Oct 12, 2021 | Shaoni Ghosh

BaaS startup, Productfy raises $16M in Series A funding round title banner

Productfy, a protected and advanced platform specializes in embedded financial services and products for fintech and in building financial applications. It was launched by Duy Vo in the year 2018 in Silicon Valley.

 

Productfly amalgamates with several other vendors and then adds data science to let data undergo normalization. As a result, it offers the most generalized workflows for financial usages. 

 

(Must Check: Top 6 Fintech Products in India)

 

The platform offers financial data projects, credit checks, KYC and identity and contact information verification etc

 

Banking-as-a-service startup, Productfy is funded by six investors, where Point72 Ventures and 500 Startups are the most recent ones, both with the funding round, Series A- Productfy.

 

The Raise

 

Recently, the platform raised $16M in a Series A funding round which is assisted by CM Ventures.In a press release on 8th October, Productfy stated that the interpolation would enable the company to launch card issuance as a service. It also concentrated on the deliverance of a distributed and banking infrastructure.

 

CEO Vo assured that CM Ventures possesses a good command over embedded finance and BaaS and added that the convergence would help in generating "financial products and services".

 

(Recommended Blog: What is Financial Analysis? Types, Examples, and Techniques)

 

CEO Vo also added that they would be able to speed up their efforts in transcending "world-class tools" and combine "compliance, program management and customer service".

 

This in turn consolidates the underlying strata of the market and enables it to roll out financial products and services in weeks.

 

Chief Risk and Information Security Officer at Stearns Bank, Josh Hofer mentioned that Productfy comprises a product suite with "world-class architecture", as PYMENTS.com reported, along with an API designation.

 

In a competitive struggle between financial companies, Productfy has always been the showcase of obsessive enthusiasm towards the allowance of any non-bank company to release a financial product to the market easily.

 

Managing partner of CM Ventures, Vagan Khranyan located the parallels where Productfy is making developments in the field of distributed and decentralized finance.

 

Conclusively, Hofer stated that the technological standard procedure along with Productfy's would extend the access of banking products. It would also enable the products to become more scalable for the entire ecosystem. 

Tags #Business