InvestiFi, a Fintech serving credit unions and community banks, has raised $20 million in growth capital.
The funding round was led by Vibe Credit Union. Other investors include BankTech Ventures, various other credit unions, and more.
The terms of the deal were not made available.
InvestiFi offers a platform designed to allow for trading to and from deposit accounts, enabling credit unions and community banks to retain more assets, attract new account holders and compete with brokerages and other Fintechs. Consumers today are interested in fewer accounts, not more, and it is typical for investment platforms to offer the full stack of bank services.
InvestiFi said the increase in clients for their services from 4 to over 60 drove interest in the funding round.
Kian Sarreshteh, CEO and founder of InvestiFi, said the financing validates their services.
The funds raised are said to allow InvestiFi to scale its platform, increase adoption, and help clients maintain and perhaps grow accounts and deposits.
InvestiFi currently offers:
- Fractional investing in Stocks and ETFs
- Guided Investing
- IRAs
- Cryptocurrency trading
- Stablecoins
Additional products are said to be in the queue.
