Digital banking solutions provider Infinant has raised $15 million in Series A funding. The round was led by FINTOP Capital and JAM FINTOP BankTech, and featured participation from Raido Capital Partners, Woodforest Financial Group, and Bankers Helping Bankers.
“Financial institutions are realizing significant and responsible growth by diversifying their deposit gathering and payment channels by decoupling from the core and distributing their products across new platforms,” Infinant CEO Riaz Syed said. “FINTOP’s and JAM FINTOP’s partnership is a strong market indicator of the solution fit for Infinant in the market and will allow us to continue to grow to meet the needs of financial institutions.”
Infinant offers Interlace: a cloud-based platform that empowers banks to launch and scale their digital and embedded banking solutions. Interlace gives banks and other financial institutions greater operational and regulatory control with a platform — owned by the bank — that allows them to launch their solutions independent of the core provider or a sidecar core. Infinant supports initiatives including launching digital banks in new markets, embedding financial products and services into business applications, delivering new solutions to small businesses and commercial partners through sub-accounting, and more.
John Philpott, FINTOP partner and member of JAM FINTOP Banktech’s investment committee, credited Infinant’s embrace of what he called “a dramatic shift in the market and the approach to embedded banking and banking-as-a-service.” Noting that this new growth opportunity comes with greater oversight requirements for banks, Philpott praised the company for “meeting this need to provide banks with a platform that allows them to scale their programs while aligning to the evolving regulatory landscape.”
Infinant will use the capital to expand its product offering which currently includes Infinant’s Interlace Console for customer and account management, Settlement Ops for ledger and reconciliation management, Payments Hub for centralized payments for ACH, wire, and FedNow, as well as the company’s Card Platform that provides card issuance and processing directly to Visa DPS.
Headquartered in Charlotte, North Carolina, and founded in 2020, Infinant came to the attention of Finovate audiences courtesy of FinovateFall 2024. Since then, the company has forged partnerships with Missouri-based First Bank of the Lake and, most recently, with North Texas-based Legend Bank. Both financial institutions will deploy Infinant’s Interlace platform to enhance their growth strategies.
“Infinant’s deep experience in banking technology and their advanced platform tailored to bankers were key factors in our decision to select them as our partner,” Legend Bank Fintech Strategic Partnerships Lead John Michael Davis said. “The Interlace platform is flexible and adaptive to a wide variety of business models, yet also minimizes the technical burden upon us as a bank.”
Photo by Danny George
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