Productfy

The American company Productfy is the developer of a platform that allows companies not from the financial sphere to launch banking products. Productfy provides services such as issuing payment cards, processing payment transactions, compliance with KYC, etc. The service has built-in modules of deposits, payments and card issuance, as well as functionality for checking counterparties. The platform is integrated with financial providers, including MasterCard and Marqeta. Clients connect to the Productfy platform through the API for an average of three weeks.

History

2021: Raising $16 million

In early October 2021, the Productfy BaaS platform raised $16 million as part of the Series A funding round, led by a fund with Russian roots CM Ventures. Existing investors Point72 Ventures, 500 Startups and Envestnet|Yodlee also invested in Productfy, bringing the total amount raised since the company's inception in 2018 to almost $19 million.

According to Productfy founder and CEO Dui Waugh, the company is unique due to its goal to create DeFi for traditional finances. According to him, from the point of view of the product architecture, Productfy was created "from scratch" to work with several bank partners.

Fund with Russian roots CM Ventures invested in the platform for connecting financial services Productfy

Our competitors are not created for this, "explained Waugh. - Traditional banks will not exist if they cannot be decentralized.

The company claims that with its platform, developers can "customize in hours, integrate in days and move from an idea to deploying a full stack in just three weeks."

Productify partners include Equifax, Marqeta card platform, Arroweye, financial data provider Envestnet|Yodlee. The startup also teamed up with Stearns Bank as it works to develop "enhanced access" to money tracking, digital banking, and card products "through easily embedded APIs, widgets, and client interfaces."^[1]

Notes