POC-Led Fintech Startup Raises $5M To Develop Cloud-Based Feature

US-based fintech startup Deposits raised $5M in seed funding to develop its platform. The funding round led by ATX Venture Partners also included Cabal Fund, Lightspeed Venture Partners, and others. 

The Dallas-based finance startup, co-founded by Joseph Akintolatyo and Daniel Paramo, is a cloud-based fintech platform that helps credit unions, community banks, insurers, retailers, and brands seamlessly implement digital banking tools onto their platforms.

The program also allows companies to put together a package of financial features, including mobile apps, debit and credit accounts, virtual cards, peer-to-peer payments, and lending.

Akintolatyo and Paramo launched Deposits after years of working alongside banks and listening to how people wanted their money to work. 

“They want to feel ownership, they want to make sure that it supports their community, they want to feel in charge and that it’s personalized and communicates with them,” said CEO Joseph Akintolayo in an interview with TechCrunch. 

“Deposits was born to bridge community institutions and brands that really have a passion for serving consumers with the tools that they actually needed to serve consumers in a modern fashion.” 

Despite launching just over a year ago, Akintolayo says “business has not slowed down,” meaning the organization is already on the road to broadening its market. 

Beyond enhancing its platform, Deposits will also use the additional funding to expand its sales, marketing, and engineering teams.