Quiltt Closes $4M Seed Funding Round
- Fundraising News
- 11.07.2022 10:10 am
Low-code consumer fintech platform Quiltt announced today that it has raised $4M in venture capital to expand access to financial services technology for consumers by dramatically lowering technical barriers for innovators.
The seed round was co-led by Greycroft and Newark Venture Partners, with participation by Motivate Ventures, Abstraction Capital, Tectonic Capital, Bridge Investments and others.
Ruben Izmailyan, CEO and co-founder of Quiltt said, “Quiltt's vision is to make fintech development more accessible so that more growing businesses and startups can create seamless experiences for their customers. We are excited to partner with leading fintech investors who are as passionate about this opportunity as we are."
Today, as the fintech stack continues to grow in complexity, delivering compelling fintech-enabled experiences requires too much repetitive and costly data engineering work. From managing endless API integrations to wrangling messy financial data into holistic customer profiles, startups and enterprises are spending precious engineering resources to reinvent the wheel. Quiltt’s platform comes pre-integrated with best-in-class fintech providers like Plaid, Spade and ApexEdge (Billshark), freeing up companies to focus on their core competencies. In addition to its unified API, Quiltt provides a suite of no-code UI modules to allow anyone to rapidly experiment on top of its data platform.
“With just Quiltt and Zapier, we’re able to conceive and build custom fintech experiences in hours rather than months. Quiltt has given us the ability to experiment and iterate at a rate that was previously unimaginable,” said Joseph Graves, Founder and CEO of Round4Good
Nathan Pinto, Co-Founder & CEO of Credit Mountain said, “Leveraging Quiltt’s pre-built integrations to Plaid and Spade has allowed our engineers to focus on building the best member experience for our customers.”
“As consumers of financial services, we often don’t recognize how many data services and transaction processing systems are involved in each interaction. That is by design, as we would not enjoy an easy end-user experience if we had to interact with these services, but building and maintaining the right underlying connections remains a bottleneck for developers. Quiltt abstracts away the complexity of working with these services so developers can innovate faster and put more great financial experiences in the hands of consumers. We are excited to help Ruben and Mark turn that vision into reality,” said Will Szczerbiak, Partner at Greycroft
"As thematic investors in the fintech space, we see Quiltt solving an important and growing problem for businesses struggling to integrate all the financial data and services they need to satisfy their customers and grow," said Dan Borok, Managing Partner of Newark Venture Partners. "Quiltt's low-code, one-and-done platform is flexible, simple, and consolidates all the data in the fintech stack. Mark and Ruben have the right combination of financial service and startup experiences to make Quiltt a need-to-have tool for businesses and developers across industries."
Founders Mark Bechhofer and Ruben Izmailyan previously built a personal finance app where they learned firsthand about the many challenges of building great financial experiences for consumers. The founding team brings experience from companies like S&P Capital IQ, Chime, Dropbox and Relationship Science. The funding will be used to add data integrations, build new capabilities, and expand the engineering team.