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Charlotte-Based Finzly Closes $10M Series A Funding

2 Mins read

Charlotte-based company Finzly specializing in providing cutting-edge payments infrastructure solutions for financial institutions, has recently achieved a major financial milestone by securing $10 million in Series A funding. This significant capital injection will indeed bolster the company’s efforts in expanding its operations and further enhancing the array of offerings within its innovative platform.

TZP Growth Equity was a prominent participant in this Series A funding round, underscoring the belief in Finzly’s vision and potential. Shamit Mehta, TZP’s lead partner overseeing this investment, will be joining the board of directors at Finzly, signifying a deeper commitment to the company’s growth and strategic direction.

The primary objective behind this significant funding is to provide the fuel for Finzly’s expansion and to continually enhance its platform offerings. The company, under the leadership of CEO Booshan Rengachari, has been instrumental in reshaping the financial landscape by providing an open, connected, embedded, and real-time ecosystem for banks, fintechs, and businesses. At the heart of this transformative infrastructure is FinzlyOS, a robust, cloud-based operating system that boasts API integration capabilities and operates in parallel with a bank’s core systems.

Finzly’s platform represents a game-changing approach to financial services. It empowers banks, fintech companies, and businesses to offer and access financial services seamlessly within a connected and dynamic ecosystem. By breaking down traditional silos and facilitating real-time interactions, Finzly has redefined the way financial services are provided and accessed.

One of the standout features of Finzly’s platform is its multi-rail payment hub. This sophisticated solution enables diverse payment options, including real-time payments, ACH, wire transfers, and card payments, all under a single roof. The multi-rail payment hub offers banks and their customers the flexibility and convenience they demand in the rapidly evolving financial landscape.

In addition to payments, Finzly’s platform encompasses a wide range of financial services. Foreign exchange, trade finance, compliance, and commercial banking experience components are just a few examples. The platform caters to the complex needs of both traditional banks and emerging fintech players, allowing them to create programmable banks and extend Banking-as-a-Service (BaaS) offerings to their corporate customers.

The term “programmable banks” holds substantial significance in today’s financial sector. It reflects the idea of financial institutions being highly adaptable and flexible, capable of quickly responding to customer demands and market dynamics. Finzly’s platform enables banks to embrace this programmable approach, empowering them to tailor their services to the specific needs of their customers.

Furthermore, the Banking-as-a-Service (BaaS) concept is a critical component of Finzly’s platform. In a world where fintech partnerships and collaborations are becoming increasingly essential, the ability to offer Banking-as-a-Service simplifies the integration process for fintech partners. Instead of grappling with multiple payment networks and complex connections, they can access a wide range of financial services through a single API connection.

By embracing an open, connected, and real-time ecosystem, Finzly is contributing to the democratization of financial services. It’s breaking down the barriers that have traditionally separated banks, fintechs, and businesses, enabling them to collaborate seamlessly.

In conclusion, the successful completion of the $10 million Series A funding round is a testament to the belief in Finzly’s transformative approach to payments infrastructure and financial services. With TZP Growth Equity’s participation and the appointment of Shamit Mehta to the board of directors, Finzly is well-positioned to accelerate its business expansion and further enhance its platform offerings.

By fostering an open, connected, and real-time ecosystem, Finzly is advancing the democratization of financial services, benefiting both the providers and the consumers of these services.

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We are the same, we may only be different in our experiences, values and exposures. Technology is a big part of my experience, learning is one of my values and writing my credible means of exposure.
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