JustiFi has announced a $6.6 million seed round led by Emergence Capital and Rally Ventures, according to a statement by the firm.
JustiFi is a Fintech that offers “vertical SaaS platforms” a suite of embedded financial tools, including payments and banking features. Justifi states that most vertical SaaS platforms do not possess in-house expertise or engineering skills to develop embedded Fintech tools, and they “typically end up deploying an amalgamation of integrations.” By partnering with Justifi, SaaS firms can “instantly have a fully integrated and white-labeled suite of tools including insurance, lending, card issuing, treasury management and more.
Joe Keeley, co-founder and CEO of JustiFi, said that Fintech is complicated especially with other priorities fighting for resources:
“JustiFi’s payment team and platform tools enable platforms to integrate fintech strategies early in their build without having to hire huge teams to support them.”
Keely is the former CEO of CNST which was acquired by Bright Horizons (NYSE:BFAM).
Justin Kaufenberg, MD at Rally Ventures and co-founder and former CEO of SportsEngine, a vertical SaaS platform that processed multiple billions per year in payments, explained:
“To put it bluntly, we know that nearly every business in the world pays too much in payment processing fees. Those high fees are especially painful to vertical SaaS platforms, where gross margin is materially impacted by each basis point. Offering payments is table stakes. Vertical SaaS platforms should not settle for anything less than a fully integrated, fully white label, comprehensive fintech stack that includes a native orchestration layer and transaction level cost optimization.”
