US payments infrastructure fintech Finzly seals $10m funding
Finzly, which provides payments infrastructure for financial institutions, has sealed US$10m in Series A funding, which will be used to accelerate the company’s continued expansion.
The investment, courtesy of TZP Growth Equity, comes amid growing demand from financial institutions for digital transformation technologies. Finzly’s infrastructure simplifies back-office operations and the end-user experience for FIs by consolidating all payment rails into a single platform, creating what it calls a ‘payments core’.
The Charlotte-based fintech was the first to offer an API connection to FedNow, the new instant payment service introduced this year by the Federal Reserve.
Conceived in 2012 by CEO and Founder Booshan Rengachari, who has bootstrapped the firm to this point of its development, Finzly helps banks to reduce their operating expenses thanks in large part to the ability to deliver high automation rates, including up to 100% straight-through processing. It has become a trusted partner of many banks aiming to deliver technology fit for the future, and has been recognised with several industry awards.
Money allows Finzly to invest in product roadmap
“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,” Rengachari says.
“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.”
Shamit Mehta, TZP’s lead partner on the investment, who will join Finzly’s board of directors, continues: “We envision Finzly as a catalyst in the transition towards more agile and customer-centric banking experiences. 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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