Infinant Closes $15 Million Series A Funding Round, Led by FINTOP Capital and Partner, JAM FINTOP BankTech
The funding will enable Infinant to enhance its product suite, align with regulatory requirements, and support banks in scaling innovative financial solutions.
CHARLOTTE, N.C., December 23, 2024 (Newswire.com) - Charlotte, NC-based Infinant, a leading bank platform provider, today 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 realized significant 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.
Infinant provides a cloud-based platform, Interlace, for banks to launch and scale their digital and embedded programs under their own control. While many banks rely on monolithic core systems or outsource their ledger to a third-party, Infinant flips the model, giving 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. The solution provides a disruptively low-cost model because we enable you to launch these initiatives without depending on your core provider or standing up a sidecar core.
"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," said Riaz Syed, CEO of Infinant. "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."
Infinant works with banks across business models that include 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, delivering new products to SMB and commercial customers via sub-accounting, and scaling of partner banking or banking-as-a-service programs.
"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," said John Philpott, Partner at FINTOP and a member of JAM FINTOP Banktech's investment committee. "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."
With this 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.
About Infinant
Charlotte, N.C.-based Infinant provides the growth platform for financial institutions to power their digital and embedded banking channels without core replacement. Infinant differentiates by giving banks the ability to launch multiple channels, with accounts, payments and card, on a single platform under bank-control to satisfy regulators. Infinant creates new value propositions for financial institutions to act and advance their market. To learn more about staying above-the-core, visit www.infinant.com.
About FINTOP Capital
FINTOP Capital is a venture capital firm focused on early-stage FinTech companies. With over $700 million in committed capital across five funds, FINTOP brings decades of FinTech founding and operating experience to the board room, partnering with innovative entrepreneurs to push the frontiers of the financial services sector. For more information, visit fintopcapital.com.
About JAM FINTOP
JAM FINTOP is a joint venture between JAM Special Opportunity Ventures and FINTOP Capital. The partnership brings together bank experts and seasoned fintech entrepreneurs to invest in companies changing the way financial institutions and their customers move, track, and interact with money. For more information, visit www.jamfintop.com.
About BHB Fund
The BHB Fund is a community bank-focused fintech venture capital fund managed by Latitude38 Venture Partners in partnership with IBAT Services, Inc., a subsidiary of the Independent Bankers Association of Texas (IBAT) and FedFis. Latitude38 Venture Partners was launched in 2022 by General Partners Neeraj Vohra and Richard Leggett who bring extensive investing and operating experience. Christopher Williston, CEO of IBAT; Dave Mayo, CEO of FedFis and Jay Dreibelbis, President and CEO of Woodforest National Bank are members of the BHB Fund's investment committee along with Neeraj Vohra and Richard Leggett. The BHB Fund is affiliated with the Bankers Helping Bankers Network, launched in 2021 as a collaboration between FedFis and IBAT. For more information about the BHB Fund visit www.bhbfundvc.com
About Raido Capital Partners
Raido Capital Partners makes growth-oriented investments in technology companies powering the financial domain. Led by experienced operators, the firm focuses on the adoption of new tools and technologies that improve business processes and drive growth across the financial landscape. For more information about Raido Capital Partners visit www.raido.partners.
Source: infinant
