Finzly, provider of payments infrastructure for financial institutions, has closed a $10m Series A funding round with TZP Growth Equity. The funding will accelerate Finzly’s expansion as it continues to meet the growing needs of financial institutions for digital transformation.

Finzly provides next generation 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: first to offer API connection to FedNow

Finzly was the first to offer an API connection to FedNow, the new instant payment service introduced in July by the Federal Reserve.

Banks are currently dealing with various systems and vendors for payment infrastructure. This leads to disjointed and complicated payment experiences for end-users. Using Finzly’s payment infrastructure, banks realise reduced operating expenses from the platform’s ability to deliver high automation rates (up to 100% straight-through processing). According to Finzly, its customers enjoy a friction-free user experience to send and receive payments.

Finzly founder Booshan Rengachari, 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, added: “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.”

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