US banking technology start-up Infinant lands $15m in Series A funding round
US banking technology start-up Infinant has raised $15 million in a Series A funding round led by FINTOP Capital and JAM FINTOP BankTech, with additional support from Bankers Helping Bankers, Raido Capital Partners, and Woodforest Financial Group.
Infinant secures $15m Series A funding
Founded in 2020 by CEO Riaz Syed and based in Charlotte, North Carolina, Infinant offers a cloud-native banking platform called Interlace built to sit on top of and integrate with banks’ existing core systems, enabling users to “power their digital and embedded banking channels without core replacement”, the company says.
“While many banks rely on monolithic core systems or outsource their ledger to a third-party, Infinant flips the model, giving banks operational and regulatory control of their programs on a bank-owned platform, allowing the bank to maintain complete control of the ledger, operations, and compliance,” the start-up adds.
The platform also enables banks to tap into new digital opportunities such as Banking-as-a-Service (BaaS) to help open up new revenue streams and boost growth.
“Financial institutions are realising significant and responsible growth by diversifying their deposit gathering and payment channels by decoupling from the core and distributing their products across new platforms,” Syed says.
With its latest cash injection, Infinant says it plans to further expand its product offerings, including its “Interlace Console for customer and account management, Settlement Ops for ledger and reconciliation management, Payments Hub that offers centralised payments for ACH, Wire, and FedNow, and Card Platform that includes card issuance and processing directly to Visa DPS”.
