TZP Growth Equity – a fund within the broader TZP Group (a multi-strategy private equity firm) recently announced its investment in Finzly, a provider of modular banking and payments technology infrastructure for financial institutions. Launched by Booshan Rengachari in 2012 and headquartered in Charlotte, North Carolina, Finzly empowers banks, fintechs, and businesses to rapidly adapt to changing market demands. And Finzly’s modern, cloud-based, and open API operating system is a parallel platform to a bank’s core, enabling banks to focus on creating customer-centric experiences. Shamit Mehta led the transaction for TZP with support from George Philipose. And Mehta will join the board as part of the transaction.
Finzly is a company that empowers the banks of the future, along with fintechs and businesses, to seamlessly offer and access financial services in an open, connected, embedded, and real-time ecosystem. And at the core of this infrastructure is FinzlyOS, a modern, cloud-based, API-enabled operating system that serves as a parallel platform to a bank’s core.
Through a wide range of turnkey banking solutions, including a multi-rail payment hub, foreign exchange, trade finance, compliance, and commercial banking experience components, Finzly enables the creation of programmable banks while also offering a Banking-as-a-Service platform to fintech partners and corporate customers via a single API connection to all payment networks. In a recent milestone, Finzly announced the world’s first API to access the FedNow service, solidifying its position as a pioneer in the banking technology space.
KEY QUOTES:
“We are investing in Finzly due to its innovative approach to creating flexible payments and banking solutions. Their technology aligns with our vision of supporting companies that contribute to the evolution of the banking and financial sector. Finzly stands out from the competition through its unique platform that allows for the seamless integration of various banking services through its modern architecture. Their commitment to utilizing cutting edge technology lowers the total cost of ownership and positions them as a true forward-thinking partner to their customers.”
— Shamit Mehta, TZP Partner
“TZP brings a wealth of experience, a broad network within the financial industry, and a strong track record of supporting growing firms in realizing their potential. Their strategic guidance, along with financial backing will help accelerate Finzly’s growth trajectory and enhance its market position. The Finzly team is very excited to partner with TZP Group for this next chapter in the company’s journey.”
— Finzly founder and CEO, Booshan Rengachari
