The last two years have felt like a long marathon in a snowstorm. We started Productfy with the fundamental belief that financial services were going to be omnipresent. In 2009, Mckinsey thought AWS(R) and other cloud providers were over-hyped and large enterprises would still keep their servers on premise. In 2018, most investors didn’t see a market for a unified fintech platform.
AWS is now the operating system for dev ops and such a critical component of launching a successful technology company quickly and efficiently that it is literally the first expense any development team spends on because the ROI is simply indisputable - faster time to market building on top of a robust stack of undifferentiated features. Focus on what truly sets your company apart: your core product and innovation.
Like AWS, Productfy seeks to be the OS for fintech and for any company looking to launch a financial product to market. We’re making it simple and seamless with a focus on price competitiveness, developer experience (devX), and streamlined due diligence.
Dave Matter at P72 saw the same vision in Productfy. As an operating partner and former Chief Product Officer at Marqeta, his partnership as a deep thinker and fintech product expert is something we value as an early stage company in a complex ecosystem. Today, we’re excited to announce Dave and Point72 as our new backers with their $2.3M capital investment.
In addition to announcing our new board member and funding, we’re incredibly excited to announce strategic partnerships with Marqeta, Yodlee, and Equifax - three major players that share our vision for bringing much needed tools, services, and technology to fintech developers and innovators. Watch this space - we’re excited to show you more of what’s to come.
With this new backing we’re going to be building and launching new partnerships, defining killer use cases with our clients, and deepening our ability to serve our ecosystem.
Embedded fintech has the potential to truly democratize access to tens of millions of Americans who have traditionally been left out of the financial system - the underbanked, underprivileged, and underserved.
The marathon we’re running is just getting started. With P72 providing wind on our back, we’re able to accelerate the sprint towards our mission of helping any company launch a fintech product to market faster and more easily...for good.
Read our official press release below!
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Productfy Raises $2.35 Million in Funding from Point72 Ventures
New funding to be invested in strategic partnerships and building out compliance and technical teams
Santa Clara, 11/25/2020—Productfy, a developer-focused B2B FinTech platform that provides embedded financial products for non-bank companies, today announced $2.35M in seed funding led by Point72 Ventures. In addition, the company announced that it has partnered with card issuer Marqeta, financial data provider Yodlee, banking partner Avidia, and data, technology, and analytics company Equifax to expand the underlying framework it can offer innovative companies developing modern payments, banking, and incentivized card experiences. Productfy is working with these partners to make it easier, faster, and more cost effective for companies to launch financial products by allowing them to release new offerings quickly and efficiently, eliminating months spent building products, navigating regulatory hurdles, and integrating with third party vendors.
“The financial ecosystem needs an operating system to bring together financial institutions and fintechs to create modern experiences for consumers. We’re excited that our partners believe in the strength of our solution and look forward to working with them as we continue to develop a robust platform to our customers. We also look forward to working with Point72 Ventures because they share the same vision for the future. We believe embedded fintech has the potential to truly democratize access to millions of Americans who have traditionally been left out of or underserved by the financial system.” said Duy Vo, founder and CEO of Productfy.
“We believe Productfy’s world-class technical team has built a modular and flexible platform that can meet the needs of a wide variety of companies. Unlike other Banking-as-a-Service providers, they are not constrained by the limits of a partner bank’s core systems, which means they can support differentiated and innovative financial products.” said Dave Matter, Operating Partner at Point72 Ventures. “Productfy has reimagined what the general ledger can look like, allowing them to act as the system of record for payments, deposit and credit products while supporting a broad variety of customers. As more and more businesses are looking to launch financial products, Productfy simplifies the process, making it easier for companies to provide financial services to diverse groups of consumers.”
Productfy’s platform is built on a proprietary, elastic banking infrastructure that is compatible with multiple banking, data, and compliance providers. With a flexible general ledger and embeddable account linking, instant account verification, payment, card issuance, and compliance building blocks in a fully integrated solution, companies can build, test, and deploy innovative financial products to market in as little as three weeks.
The company’s founder and CEO Duy Vo spent over 15 years building sophisticated infrastructure with fintech and insurtech companies like Motif Investing and leading large technical teams. Productfy’s leadership team brings decades of commercial and compliance expertise, as well as a wealth of experience developing innovative solutions for scaling data and workflows in regulated industries with traditional institutions and innovators alike. Productfy is a 500 Startups portfolio company and was a 2019 graduate of Envestnet Yodlee’s award winning incubator where Yodlee also invested in Productfy in this recent round. “I knew Productfy would be a game changer to enable innovation across the tech landscape as more and more companies look for an easier way to implement core fintech functionality” says Jeff Cain, VP of Strategic Partnerships and former Director of the Envestnet Yodlee Incubator”
With the new funding round, Productfy will continue building advanced features for card issuance and payments rails, deepen existing partnerships, and scale compliance, technical, and commercial teams to enable a seamless onboarding experience for new customers and partners. The company will be opening up a beta program for fintech companies developing innovative debit and credit card programs in early 2021. For more information, please visit www.productfy.io.
About Productfy
Productfy is the fastest and easiest developer-first platform for any company to launch fintech applications. With embeddable modules for payments, deposits, and card issuance backed by unified due diligence and an omni purpose general ledger, companies have access to a unified platform that provides the building blocks to accelerate innovation and launch world-class products. With Productfy, developers can configure in hours, integrate in days, and go from idea to full stack deployment in as little as 3 weeks. For more information, please visit www.productfy.io
About Point72 Ventures:
Point72 Ventures is a global venture capital firm led by a diverse set of domain experts with the capital to lead rounds through all stages of a company's growth. The firm invests primarily in Fintech, AI/ML, Enterprise and Healthcare technologies. As an independent arm of Point72, the global asset management firm led by Steven A. Cohen, Point72 Ventures offers well-informed insights into the global economy. Point72 Ventures has offices in New York City, Palo Alto, California, and Stamford, Connecticut. For more information, visit their website at p72.vc.
Press Contacts:
Aaron Huang
aaron@productfy.io
Tiffany Galvin-Cohen
(203) 890-2052
Tiffany.galvin-cohen@point72.com
