Deposits

Overview
News
FinTech Infrastructure?
Product stageSegments
Seed
?
Banking services
?

Deposits offers a cloud-based, low-code fintech infrastructure platform for credit unions, community banks, insurers, and merchants to build banking and money management solutions. Its banking solutions span across account opening, home and auto loans, mobile deposits among others. The money management solutions include personal financial management, shared accounts, kids banking, and P2P payment, etc. Deposits also provides identity verification solutions to help users combat fraud.

Unlike typical banking infrastructure providers, Deposits also offers a “Workplace Kit” - for businesses to manage payroll and offer banking to their workforce - and a “Commerce Kit” - enabling platform users to embed lightweight shops for their users to become merchants.

The company generates revenue through three main sources: 1) interchange fees, 2) originations, and 3) banking SaaS fees and interest.

Key customers and partnerships

Deposits functions along with several network, aggregator, program manager, and issuing banking partners, including Blue Ridge Bank, Juicefun, MX , Qolo , Sutton Bank, Visa, and Mastercard. Its customers include FRSH, AiBUY, IFEB, Moniwave, and Ujamaa, among others.

Funding and financials

The company raised USD 5 million in seed funding in August 2022, led by ATX Venture Partners, to invest in product development and recruitment.

HQ location:
2001 Ross Ave Dallas TX USA
Founded year:
2021
Employees:
11-50
IPO status:
Private
Total funding:
USD 5.1 mn
Last Funding:
USD 100.0 k (Non Equity Assistance; Sep 2022)
Last valuation:
-
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