Productfy plans to scale its offerings and build new integrations. Here are the top-line bullets you need to know.
Productfy, a banking-as-a-service (BaaS) platform, has raised $16M in a Series A. This round drew participation from 500 Global, CM Ventures, Envestnet, and Point72 Ventures.
How’s the company performing?
- California-based Productfy offers an API that enables fintech companies to develop financial applications.
- The company’s platform allows developers to move from ideation to full-stack deployment in under 3 weeks.
- Productfy’s revenue figures have grown 119% month-over-month since July 2021.
- The company’s clients include Mastercard, Equifax, HatchCard, Arroweye, and Marqeta.
Source: Productfy
Why does the market matter?
- The global Banking-as-a-Service (BaaS) market is projected to grow at a CAGR of 26.33% and reach a value of $2.3T by 2028, according to Verified Market Research.
- The Covid-19 pandemic has accelerated efforts to digitize traditional finance methods and increased the demand for solutions to help manage the shift.
- The rise of decentralized finance and increasing governmental regulation of open banking have contributed to industry growth.
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