Justifi, a fintech company that helps software companies add financial services to their platforms, raised $10 million in a recent funding round.
The round was co-led by existing investors Rally Ventures, Emergence Capital and Crosslink Capital for $6 million in equity and a $4 million debt facility from Silicon Valley Bank. It brings the St. Paul-based company's fundraising total to $20.6 million since its founding in 2021.
CEO and co-founder Joe Keely said the company will use the new funding to support its 45 software-company clients, that have a total payment volume of over $10 billion.
Justifi offers a third-party infrastructure for embedded payments, insurance and lending — "fintech plumbing" that enables clients to add revenue-producing products.
In 2023, Justifi partnered with Minneapolis-based fintech company Sezzle Inc. (Nasdaq: SEZL), offering a buy-now-pay-later platform that gives customers a short-term financing option with interest-free payments.
Justifi has continued to grow its product line, announcing 11 web components that provide platforms with more customizable methods to embed fintech products into their existing network. The company employs 21 people.
Going into 2025, Keeley said the company will focus on bolstering the infrastructure of the product, work on bringing in new partner platforms, and launch more financial products.
