Banking-as-a-Service (BaaS) platform Productfy has raised $16 million in Series A funding and partnered with Stearns Bank National Association to develop a card issuance service.
The Series A funding round was led by CM Ventures, with participation from existing investors Point72 Ventures, 500 Startups, and Envestnet Yodlee.
The BaaS platform has already secured partnerships with card issuing platform Marqeta, card fulfilment partner Arroweye, MasterCard, and data, technology, and analytics company Equifax.
The Productfy platform provides companies with embeddable modules for payments, deposits, and card issuance backed by unified due diligence and an omni purpose general ledger.
The new “strategic partnership” with Stearns Bank National Association forms part of Productfy’s strategy to expand access to money movement, digital banking, and card programs.
Productfy founder and CEO, Duy Vo, says the investment will allow the firm to accelerate its plans to integrate compliance, program management, and customer service into a unified architecture that acts as a distributed backbone across the BaaS market.
Stearns Bank chief risk and information security officer, Josh Hofer, adds: “Aligning our technology roadmap with Productfy’s enables both companies to succeed by making banking products more accessible and scalable for the entire ecosystem.”