Fivvy, a Miami, Florida-based SaaS startup that specializes in transforming traditional banks, secured a $4 million investment from Global Ventures.
The company intends to utilize the funding to initiate operations in collaboration with banks across Latin America.
Fivvy is a SaaS platform that collaborates with traditional and digital banks to offer personalized experiences to customers and use data models to increase their revenues.
“It [Fivvy] is a platform that links all the financial products to tell the user if they have expenses that they could reduce. It can detect fraud in any account and tell users which credit card is better for them to obtain the most benefits,” said Hanoi Morillo, Fivvy’s co-founder, and CEO.
The startup will primarily offer B2B solutions in Latin America. However, this will change after a successful user-focused model test with over 20K downloads in the United States.
Company: FIVVY, Inc.
Funding Month: June 2023
Lead Investors: Global Ventures
Company Website: https://www.getfivvy.com/
Software Category: Financial Software
About the Company: Founded in 2021, Fivvy is a Fintech company that creates a smart wallet that uses for payment processors and financial institutions. Headquartered in Florida, United States, Fivvy specializes in transforming traditional banks that have lost their competitive edge and are failing to meet their customer’s expectations. They leverage cutting-edge data analytics and ML to provide their banks’ customers with a personalized and valuable financial experience that allows them to answer questions like having a personalized budget, payment, or fraud alerts). The company helps banks stay ahead of the curve by offering personalized, data-driven solutions that enhance their customers' banking experiences and increase data-related revenue streams and cost efficiencies.