Finance
Here’s the 15-page pitch deck Productfy, a fintech looking to be the Shopify of embedded finance, used to nab a $16 million Series A
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- Productfy provides back-end banking services to non-banking companies.
- The embedded-finance startup raised its $16 million Series A on October 8.
- Here is the 15-page pitch deck it used in the raise to get buy in from investors.
Productfy is looking to break into embedded finance by becoming the Shopify of back-end banking services.
Embedded finance — integrating banking services in non-financial settings — has taken hold in the e-commerce world. But Productfy is going after a different kind of customer in churches, universities, and nonprofits.
The San Jose, Calif.-based upstart aims to help non-finance companies offer their own banking products. Productfy can help customers launch finance features in as little as a week and without additional engineering resources or background knowledge of banking compliance or legal requirements, Productfy founder and CEO Duy Vo told Insider.
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“You don’t need an engineer to stand up Shopify, right? You can be someone who’s just creating art and you can use Shopify to build your own online store,” Vo said, adding that Productfy is looking to take that user experience and replicate it for banking services.
“What we aspire to do is to enable any organization to launch a debit card with deposits, money transfers, wires in under a week,” Vo said. “And the end of 2022 is to enable organizations to launch a full credit union-like experience in less than a week.”
Productfy does not provide the banking features itself, instead relying on back-end banking partners. Stearns Bank National Association is Productfy’s first banking partner, with a second bank partner in the pipeline, Vo said without disclosing specifics. Equifax addresses data and analytics needs, and Envestnet Yodlee provides the rails to share financial data between consumers and businesses. For payments needs, the upstart uses Mastercard as its card network, and Marqeta for card issuance.
Productfy’s $16 million Series A in October was led by CM Ventures, with participation from existing investors Point72 Ventures, 500 Startups, and Envestnet Yodlee. It has raised $19 million in total.
Here is the 15-page pitch deck Productfy used to raise its Series A.
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