Funding will be used to enhance Finzly's platform offerings to enable the connected, embedded, and real-time economy.
CHARLOTTE, N.C., Oct. 19, 2023 /PRNewswire-PRWeb/ -- Finzly, a provider of cutting-edge payments infrastructure for financial institutions, announced today that it has closed a Series A funding round of $10M with TZP Growth Equity. The funding will be used to accelerate Finzly's expansion as it continues to meet the growing needs of financial institutions for digital transformation.
Finzly is the market leader in domestic and international payments, providing the next generation of infrastructure that simplifies back-office operations and the end-user experience for financial institutions by consolidating all payment rails into a single platform, creating the first "payments core". Finzly was the first to offer an API connection to FedNow, the new instant payment service introduced this year by the Federal Reserve.
Banks are currently dealing with various systems and vendors for payment infrastructure, leading to disjointed and complicated payment experiences for end-users. Using Finzly's payment infrastructure, banks realize reduced operating expenses from the platform's ability to deliver high automation rates (up to 100% straight-through processing). The bank's customers enjoy a friction-free user experience to send and receive payments.
Finzly was founded in 2012 by Booshan Rengachari, who has built the company as a "bootstrapped" organization that has been profitable throughout its history. Commenting on the funding round, Booshan said: "Throughout Finzly's history, we have carefully invested in disciplined and organic future growth by developing products and solutions that deliver value to our customers by simplifying their operations. This capital raise will enable us to further invest in our product roadmap built around the theme of providing real-time financial services demanded by today's real-time economy, scaling our product delivery to maintain our high customer satisfaction rate."
Shamit Mehta, TZP's lead partner on the investment, who will join Finzly's board of directors, said: "We envision Finzly as a catalyst in the transition towards more agile and customer-centric banking experiences. Finzly is well-positioned to drive significant advancements in how banking and financial services operate and will become a category-defining company."
Finzly has become the trusted partner for many banks by delivering futureproof technology solutions to support their digital transformation initiatives. In 2023, the company won five industry awards, including NACHA's Best Parallel Core Technology, Global BankTech's Best PaaS Provider of the Year, the PayTech Award for Best Payments Solution for Banks, and highly commended PayTech awards for leadership and future technology.
Shamit Mehta led the transaction for TZP with support from George Philipose. Goodwin Procter LLP and McGuireWoods, LLP provided legal counsel to TZP and the Company, respectively. Shamit Mehta will join the board as part of the transaction.
About Finzly
Finzly empowers the banks of the future, along with fintechs and businesses, to seamlessly offer and access financial services in an open, connected, embedded and real-time ecosystem. At the core of this infrastructure is FinzlyOS, a modern, cloud-based, API-enabled operating system that serves as a parallel platform to a bank's core. With a wide range of turnkey banking solutions, including a multi-rail payment hub, foreign exchange, trade finance, compliance, and commercial banking experience components, Finzly enables the creation of programmable banks while also providing a Banking-as-a-Service platform to fintech partners and corporate customers via a single API connection to all payment networks. In a recent breakthrough, Finzly unveiled the world's first API for accessing the FedNow service and was one of the first to go live on the platform, solidifying its position as a leader in payments technology. Learn more about Finzly's game-changing solutions by visiting http://www.finzly.com.
About TZP Group
TZP Group, a multi-strategy private equity firm managing approximately $2 billion across its family of funds, is focused on growth equity, control, and structured capital investments in technology, consumer products and services, and business services companies. Founded in 2007, TZP targets companies with solid historical performance and sustainable value propositions and aims to be a "Partner of Choice" for business owners and management teams. TZP seeks to invest primarily in closely held, private companies in which the owners desire to retain a significant stake and partner with an investor with complementary operating and financial skills to accelerate company growth, increase profitability, and maximize the value of their retained stake. TZP leverages its investment professionals' operating and investment experience to provide strategic and operational guidance and is dedicated to long-term value creation. For more information, please visit http://www.tzpgroup.com.
Media Contact
Cognito, Finzly, +1 646 395 6335, [email protected], finzly.com
SOURCE Finzly
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