A Dallas-based startup is exiting stealth with the aim of helping other companies build out their fintech infrastructure on scant resources.
Fueled by the closing of a $4 million seed funding round earlier this year, Quiltt, a company that bills itself as a low-code financial technology platform, announced its beta launch for other startups and small businesses.
“Quiltt’s vision is to make fintech development more accessible so that more growing businesses and startups can create seamless experiences for their customers,” said Ruben Izmailyan, Quiltt co-founder and CEO, in a statement. “We’re excited to partner with leading fintech investors who are as passionate about this opportunity as we are.”
‘Lowering the technical barriers for innovators’
The startup wants to make account connection management simple. Quiltt Connect, which is currently in beta, stitches together a company’s customer’s accounts into a full financial picture. The platform is “ready out of the box” and needs no backend, although it can be customized to match a company’s branding, according to the startup’s website.
With the goal of “lowering technical barriers for innovators,” Quiltt has developed a unified API platform that comes pre-integrated with financial service providers like Plaid, Spade, and ApexEdge.
The platform also includes a number of no-code user interface modules for users to build and experiment on top of the company’s data platform.
Recently closed betas include Roundup, which can let a company’s customers turn spare change into savings, debt pay down debt, charitable giving, and more, and Bills, to help those customers manage their recurring expenses.
Formed in 2020 by Izmailyan and Mark Bechhofer, who serves as COO, the concept behind Quiltt has been in the works for the past five years, TechCrunch reports, based on interest the co-founders received from a previous personalized budgeting app they were working on.
“Today, as the fintech stack continues to grow in complexity, delivering compelling fintech-enabled experiences requires too much repetitive and costly data engineering work,” the company wrote in a press release. “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 funding co-led by Greycroft and Newark Venture Partners
Following its launch, the company joined the seventh cohort of Grand Central Tech, a New York-based startup-in-residence program for pre-Series A companies.
Quiltt’s seed funding was co-led by Greycroft and Newark Venture Partners, along with participating backers Motivate Ventures, Abstraction Capital, Tectonic Capital, Bridge Investments, and Capital Factory, among others.
The company plans to use part of the funding to build out its five-person team, which operates remotely. Currently Quiltt’s website lists positions in product marketing and sales. From there, the company said it plans to add new capabilities and data integrations to its platform.
“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 at Newark Venture Partners, in a statement.
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