Charlotte fintech startup Infinant recently secured $5 million in financing to help it launch its platform designed for banks, according to a U.S. Securities and Exchange Commission filing.
Infinant, founded in 2021, provides the technology framework and tools for banks to embed fintech into their own applications and insert banking into partner applications. Its platform approach enables financial institutions to offer products and services inside and outside the bank.
The company says in a news release that its first fundraise will allow it to hasten product expansion and deployment of Infinant’s interlace platform.
The funding round was led by venture capital firm FINTOP Capital and partner JAM FINTOP, a fund that invests in banktech.
“Embedded banking and fintech are core themes that we invest in, and our bank network has been asking for solutions like Interlace,” says John Philpott, partner at FINTOP and member of JAM FINTOP Banktech’s investment committee. “Infinant is reimagining what it means for banks to offer BaaS products to their clients, and we're very excited to work with Infinant to make interlace the new standard in BaaS.”
Infinant’s interlace platform allows banks to have a choice in their selection of features and processors for complete ownership of their banking ecosystem, according to the fintech company. The startup says it is an alternative to traditional banking-as-a-service providers and the risks linked with deploying programs to third parties. Infinant says many financial institutions are seeking to have increased oversight due to greater regulatory scrutiny in the BaaS industry.
“Financial institutions are quickly evolving their last-mile delivery by decoupling from the core and rebundling their products and services in ways that engage customers when and where they need, often outside their bank’s application,” says Riaz Syed, CEO at Infinant, in a statement. “In seeing the growing demand for a platform that puts banks back in control, FINTOP’s partnership will accelerate our ability to meet that demand.”
