Rize raises $11.4M to scale its embedded fintech service –
Summary
Rize is an interesting company in a competitive space; the market for building financial technology products for use by customers enjoys a great number of players. Per a white paper from Rize, by offering a single “synthetic account core,” its customers can create a more cohesive and programmable financial experience for end users. Morpheus Ventures’ Howard Ko brought up the company’s synthetic account work in a statement to TechCrunch, saying that it was that feature of its service that “attracted” his firm to the startup, as it “essentially abstracts all the plumbing required to develop a broad spectrum of fintech products and services that developers are looking to build into a simplified singular API connection.” In an interview with senior leadership, Rize told TechCrunch that it has built a compliance management system into its product, likening compliance work to logistics in the e-commerce world — something critical that is both complicated and not a task that folks relish taking on. Rize wants to alleviate a chunk of that burden, potentially smoothing the path for businesses to select its offering over those of rival banking-as-a-service players. Rize has completed the core banking pieces of its product — the startup we see today is the result of a B2B pivot from B2C roots — with brokerage support coming next.