Finzly Secures $10M in Series A Funding

Published 6 months ago
  Finzly

Finzly, a leading provider of innovative payments infrastructure for financial institutions, has successfully closed a Series A funding round, raising $10M. The funding round was backed by TZP Growth Equity.

Funding to Drive Expansion

The new funding will be utilized to boost Finzly’s growth. The company is committed to addressing the increasing digital transformation needs of financial institutions.

Streamlining Financial Institutions’ Payment Infrastructure

Finzly’s products are at the forefront of both domestic and international payments. The company’s next-generation infrastructure consolidates all payment rails into a single platform, creating the first “payments core”. The company was the pioneer in offering an API connection to FedNow, the Federal Reserve’s new instant payment service introduced this year.

Banks, at present, grapple with multiple systems and vendors for payment infrastructure which often complicates the payment experiences for end-users. Finzly’s payment infrastructure offers a solution to these issues, allowing banks to cut operating expenses due to the platform’s high automation rates, while also providing a seamless user experience for customers to send and receive payments.

A Profitable Journey

Founded in 2012 by Booshan Rengachari, Finzly has been a profitable “bootstrapped” organization. On the recent funding round, Rengachari explained that the capital raise will enable further investment in their product roadmap, focusing on providing real-time financial services necessitated by today’s real-time economy.

Shamit Mehta, TZP’s lead partner who will join Finzly’s board of directors following the investment, sees Finzly as a driving force in the shift towards more agile and customer-centric banking experiences.

Industry Recognition

Finzly has emerged as a trusted partner for numerous banks, offering future-proof technology solutions for their digital transformation initiatives. The company’s dedication has been recognized within the industry, earning them five awards in 2023, including NACHA’s Best Parallel Core Technology, Global BankTech’s Best PaaS Provider of the Year, and the PayTech Award for Best Payments Solution for Banks.

Related news