Productfy Inc., a banking-as-a-service (BaaS) platform that aims to build Defi for traditional finance, raised $16 million in a Series A round of funding led by CM Ventures.

Existing backers Point72 Ventures, 500 Startups, and Envestnet | Yodlee also participated in the financing, which brings its total raised since its 2018 inception to nearly $19 million.

The startup will use its new influx of capital to further scale its offerings and compliance-as-a-service capabilities and continue improving its core data and card issuance offering, with a focus on building new integrations and partnerships and launching its first cohort of customers. 

Company: Productfy, Inc.

Raised: $16.0M

Round: Series A

Funding Month: October 2021

Lead Investors: CM Ventures

Additional Investors: Point72 Ventures, 500 Startups, and Envestnet | Yodlee

Company Website: https://www.productfy.io/

Software Category: banking-as-a-service (BaaS) platform

About the Company: Productfy is a platform for building your financial application, with a unified API, operations dashboard, and a UI library, all-in-one to power your application. Productfy is a secure and advanced platform for building financial applications. The platform integrates with different vendors and adds data science to normalize and sanitize the data to create a single, unified platform that provides the most common workflows and tasks for financial applications. Productfy also provides credit checks, financial data model & projects, asset valuation, bank integrations & account verifications, KYC, and identify & contact information verification.

Source: https://techcrunch.com/2021/10/08/productfy-raises-16m-to-build-the-shopify-of-embedded-finance/