Productfy offers a banking-as-a-service (BaaS) platform for non-bank enterprises to decentralize the financial ecosystem by shifting financial services away from traditional banking institutions. Productfy’s platform provides the infrastructure for enterprises to offer automated clearing house (ACH) payment (including account verification and compliance), deposit (digital wallet, checking, and savings accounts), and card (commercial and consumer) solutions, by connecting with multiple banking and supporting tech partners.
The card solutions are offered in partnership with leading card issuing and management infrastructure provider Marqeta. Meanwhile, the company partnered with US bank Stearns Bank in May 2021 to enhance the money movement, digital banking, and card issuance infrastructure on its platform. Productfy’s tech partners also include card fulfilment company Arroweye and data aggregation and account verification service provider Envestnet | Yodlee.
Productfy looks to distinguish itself from other BaaS platforms by offering white-label infrastructure to build user interfaces, in addition to integrations and connections, for enterprises that are constrained by technical resources or domain expertise. In October 2021, the company reported users could build and deploy FinTechs in three months through the platform and that Productfy intended to reduce that time to less than a month by the end of the year. Productfy’s revenue has reportedly grown 119% month-over-month (MoM) over July–October 2021, at which point it had eight clients, including HatchCard (a financial service provider for small businesses).
The company raised USD 16 million in Series A funding in October 2021 led by CM Ventures to invest in scaling and improving its existing offerings while focusing on building new integrations and partnerships. Moreover, the company aimed to launch a card-issuance-as-a-service solution “Latinum” in Q4 2021 for companies to improve their customer experience and loyalty. The company further noted that it could expand globally to countries such as Uganda and Libya following adoption in the US.
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