By Edlyn Cardoza
- ATX Venture Partners
- Cabal Fund
Plug-and-play funding startup Deposits announced $5 million in seed funding led by ATX Venture Partners and joined by Cabal Fund, Lightspeed Venture Partners and others. Deposits’ cloud platform enables credit unions, community banks, insurers, retailers and even product brands to deliver a wide range of payment and banking experiences without the need for deep technical expertise .
Deposits unlock access to digital banking by enabling organizations of any size, skill set or budget to strengthen relationships by delivering modern financial experiences. These services include mobile applications, fully online account opening, identity verification, debit and credit accounts, mobile deposits, virtual cards, P2P payments, home and auto loans, transactions exchange and more. Deposits’ modular and flexible platform enables rapid implementation, enabling partners to deliver modern banking services in days rather than months. Deposits will use the seed funding to further develop its comprehensive banking platform.
“Local banks and credit unions have built trust with customers over decades by keeping money within the community. But these customers often fall in love because these institutions struggle to deliver a modern, mobile banking experience,” said Joseph Akintolayo, founder and CEO of Deposits. “Deposits make it easy for trusted brands to deliver great experiences with money. This means that their clients can participate in a full range of financial services which, in turn, improve their financial situation and well-being. »
The Deposits platform includes several kits, each of which provides themed financial experiences for web, Android and iOS devices using no-code/low-code tools and is extensible via open APIs:
- Banking kit – provides features essential to modern business banking such as billing, merchant processing, payment orchestration, accounts, card provisioning and an account management console to resolve customer queries. Financial brands can customize or configure the user interface with their own visual identity (logo, color palette, etc.) and select the services they wish to provide. These can be US dollar accounts, global deposits and payments.
- money kit – adds modular mobile banking experiences for modern financial management. This includes personal financial management, shared accounts and banking for children, as well as features such as mobile payments, card management, virtual cards, bill payment, rewards programs and P2P payments. Financial institutions and emerging financial brands are using Money Kit to launch mobile money experiences as easily as launching a website. By integrating Money Kit, they can launch products for new communities or improve existing banking experiences.
- Identity kit – a set of tools to verify private or professional customers for banks and non-banks. This could be used to meet Know Your Customer regulations for financial institutions or for brands expanding their relationships with customers requiring new levels of verification.
- Commercial kit – adds the possibility for platforms to become marketplaces by integrating light shops that allow their users to become merchants. Commerce Kit adds shopping and payment experiences to an online presence, including payment processing, one-click payments, a merchant dashboard, and a wallet for store credits or earnings.
- Workplace kit – adds infrastructure for organizations that want to manage their payments and payroll or offer banking services to their teams and contractors. Workplace Kit provides a self-service portal for staff to select products or benefits, update personal data, make tax withholding adjustments, and more. and a back-end for simple administration.
“The first wave of integrated fintech platforms demonstrated demand but required deep technical expertise and suffered from delayed deployments,” said Chris Shonk, Partner and Co-Founder at ATX Venture Partners. “Deposits delivers on its promise with a low-code platform that literally any credit union or product brand can use. Combine that with the team Joseph built, his compelling mission, and his impressive first pull, and it was an easy decision to invest.
Deposits partners with a range of networks, aggregators, program managers and issuing banks to facilitate the issuance of payment cards, loans and other financial products. These include Blue Ridge Bank, Juicefin, Metropolitan Commercial Bank, MX, Qolo, Sutton Bank, Visa, Mastercard and others. Depending on the services required, Deposits selects the partners who offer the best solution for each client.
The deposits generate revenue from a combination of interchange fees, origination, SaaS bank fees and interest, which it shares with its customers and partners. This ensures alignment around the use of its products and reduces upfront risk for organizations starting to offer new banking services.
Deposits client FRSH is dedicated to empowering people with criminal records by providing access to resources that improve quality of life. The organization seeks to dismantle systemic barriers to job mobility, including those surrounding acquiring bank accounts and obtaining credit. “Deposits have helped us provide our community with the banking services they desperately need,” said Danny Feldman, co-founder and CEO of FRSH. “We are delighted to call them a partner and deeply believe in what they do.”
“Financially empowering people who share values is a core mission of credit unions across America and our member focus builds trust in our brands,” said Renee Sattiewhite, President and CEO of the African American Credit Union Coalition (AACUC). “By making it easier for credit unions to provide more sophisticated financial services, Deposits ensures that more communities are included in wealth-building opportunities.”
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