Deposits Raises $5M in Seed Funding
Summary
The company intends to use the funds to continue the development of its full-stack banking platform, and expand its sales, marketing and engineering teams. Led by CEO Joseph Akintolayo, Deposits is a cloud fintech platform that offers banks, brands, and communities a solution for engagement, modernization and financial services such as payments, mobile apps and lending. The platform comprises several kits, each of which provide thematic financial experiences for Web, Android and iOS devices using no-code/low-code tools and extendable through open APIs: • Banking Kit – provides features essential to modern business banking such as invoicing, merchant processing, payments orchestration, accounts, card provisioning, and an account management console for resolving customer queries. Workplace Kit provides a self-service portal for staff to select products or benefits, update personal details, make tax withholding adjustments etc., as well as a back-end for simple administration. Deposits partners with a range of networks, aggregators, program managers, and issuing banks to facilitate the issuance of payment cards, loans, and other financial products.