Infinant, a Charlotte-based leading bank platform provider, announced it has raised $15 million in Series A funding, led by FINTOP Capital and partner JAM FINTOP BankTech, with participation from Raido Capital Partners, Woodforest Financial Group, and Bankers Helping Bankers.
Infinant has seen notable growth over the past year by filling an increasing need for banks to launch new growth channels, including embedded finance, digital brands and partner banking. And Infinant offers a cloud-based platform called Interlace for banks to launch and scale their digital and embedded programs under their own control.
Even though many banks depend on monolithic core systems or outsource their ledger to a third-party, Infinant flips the model and gives banks operational and regulatory control of their programs on a bank-owned platform, allowing the bank to maintain complete control of the ledger, operations and compliance. This solution provides a low-cost model since the company enables you to launch these initiatives without depending on a core provider or standing up a sidecar core.
Infinant works with banks across business models including launching digital banks into niche markets, embedding financial products and payments into business vertical applications, expanding merchant and ISO relationships through emerging payment and instant funding offerings, offering new products to SMB and commercial customers via sub-accounting, and scaling of partner banking or banking-as-a-service programs.
With this funding round, Infinant will continue to expand their product offerings that include the Interlace Console for customer and account management, Settlement Ops for ledger and reconciliation management, Payments Hub that offers centralized payments for ACH, Wire and FedNow, and their Card Platform that includes card issuance and processing directly to Visa DPS.
KEY QUOTES:
“Financial institutions are realizing significant and responsible growth by diversifying their deposit gathering and payment channels by decoupling from the core and distributing their products across new platforms. FINTOP’s and JAM FINTOP’s partnership is a strong market indicator of the solution fit for Infinant in the market and will allow us to continue to grow to meet the needs of financial institutions.”
– Riaz Syed, CEO of Infinant
“Since our initial investment, we have seen a dramatic shift in the market and the approach to embedded banking and banking-as-a-service which has confirmed the growth opportunity of these business models along with a regulatory requirement for banks to maintain oversight of the customers, accounts and the ledger. Infinant is meeting this need to provide banks with a platform that allows them to scale their programs while aligning to the evolving regulatory landscape.”
– John Philpott, Partner at FINTOP and a member of JAM FINTOP Banktech’s investment committee
