Fintech startup Deposits has raised $5 million in a Seed round led by ATX Venture Partners and joined by Cabal Fund, Lightspeed Venture Partners, and more.
Deposits is a Dallas, Texas-based firm that offers a cloud solution for digital services like payments, banking and more. The company is targeting credit unions, community banks, insurers, retailers, and product brands to offer embedded finance. Deposits says it excels with its “next generation plug and play” platform.
Joseph Akintolayo, founder and CEO of Deposits, says local banks and credit unions have fallen out of favor due to their inability to modernize and offer a mobile-first banking service.
“Deposits makes it easy for trusted brands to provide stellar experiences with money. This means their customers can participate in a full range of financial services that in turn improve their financial circumstances and well-being.”
Deposits works with both iOS and Android, offering a no code – or low code environment via APIs.
Chris Shonk, partner and co-founder at ATX Venture Partners, commented:
“The first wave of embedded fintech platforms demonstrated demand but required deep technical expertise and suffered delayed rollouts. Deposits delivers on the promise with a low-code platform that literally any credit union or product brand can use. Combine that with the team Joseph has put together, its compelling mission and impressive early traction, and it was an easy decision to invest.”
Deposits states that it will use the seed funding to continue the development of its full-stack banking platform.