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For businesses seeking low-code fintech infrastructure options, there’s a Quiltt for that – TechCrunch

quilts wraps its warm, low-code fintech infrastructure blanket around startups and small businesses that want to develop financial services for their clients but don’t have the budget resources for a large engineering team.

Ruben Izmailyan and Mark Bechhofer came up with the idea for Dallas-based Quiltt about five years ago while working together on a personal finance app. While launching their automated budgeting app, they received requests from people who weren’t so interested in the budgeting tool as they were in the data engine around it and the integration work they were doing.

“We realized this was a much better place for us to spend our time, so we transitioned to an infrastructure business,” CEO Izmailyan told TechCrunch. “We were mostly bootstrapping, and for the previous business that made more sense, but for that it made a lot more sense to build on the venture route.”

So they started building the version of Quiltt that exists today. This includes API integrations with fintech providers such as Plaid, Spade and ApexEdge, as well as a range of no-code UI modules for users to experiment with on the data platform.

The company is also rolling out some bonus add-ons such as billing and subscription management so users can start with white-label off-the-shelf apps and then move to more specialized offerings if needed or if they want complete control of the experience without disrupting its backend data or services, said Bechhofer in an interview.

Monday marks the company’s public beta launch for startups and small businesses. Quiltt has worked with eight clients over the past year, with some of these launch clients being in production or self-funding, resulting in some real clients for the company.

It’s a free service for now, so the company is biased at this point. The company plans to have an infrastructure-as-a-service tier that will incur a fee. Bechhofer also said the company will act as a central contracting entity for connecting to downstream data providers and actionable APIs.

In addition, Quiltt announced a $4 million seed financing, which closed in the first quarter of this year. It was co-led by Greycroft and Newark Venture Partners and includes investments from companies such as Motivate Ventures, Abstraction Capital, Tectonic Capital and Bridge Investments.

Having previously bootstrapped, Bechhofer mentioned that Quiltt was “really lean and tightly budgeted until this round was basically done,” and unlike companies that monitor their cash burn more closely, he and Izmailyan actually increased theirs, but in a meaningful way.

Instead, Izmailyan and Bechhofer want the company to grow slowly. It’s been a four-person operation for some time and the new funding will allow them to add some engineering while continuing to develop Quiltt.

For businesses seeking low-code fintech infrastructure options, there’s a Quiltt for that – TechCrunch Source link For businesses seeking low-code fintech infrastructure options, there’s a Quiltt for that – TechCrunch

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