Quiltt Raises $2.6m to Fix Open Banking's Integration Problem

Today, we’re excited to announce the close of our $2.6m priced seed equity round led by NVP Capital, with participation from Mastercard, K Street Capital, Mintaka, Abstraction Capital, and others. As part of the financing, we are welcoming Dan Borok as our first outside board member. We’re also grateful for the participation of many of our existing investors and customers. 

This new capital will be used to power the next wave of investments into our platform, infrastructure and partner ecosystem. More importantly, we will double down on our core thesis: 

For Open Banking to become a force for good, it needs more interoperable plumbing, less commercial friction and fewer walled gardens to climb over. 

Why now?

Despite all the noise and regulatory uncertainty, the march towards Open Banking adoption in the US continues unabated. Just as bank linking started to become mainstream, advancements in AI have accelerated adoption of customer-permissioned financial data across personal finance, bookkeeping, lending, bank payments and countless new verticals and use-cases. 

From the outside, the US open banking ecosystem appears to offer plenty of choice: dozens of aggregators, enrichment providers, and payment processors to choose from. 

But if you’re in the trenches trying to build on top of financial data, you know that things are far more complicated. Whether you’re an idea-stage startup, or a mature enterprise, you will most likely spend months vetting provider capabilities, negotiating complicated long-term contracts, and stitching together bespoke integrations that look simple on the surface but are riddled with landmines and expensive ongoing maintenance. 

More often than not - and usually when you’re in production - you discover the coverage gaps, ballooning costs, and interoperability problems you spent months trying to avoid. Swapping vendors is expensive (will it even help?). Going multi-rail often requires complex re-architecting of core systems - prohibitive for all but the most nimble and experienced engineering organizations. 

It doesn’t have to be this way! 

Quiltt gives you all the top providers - pre-integrated out of the box - through one straightforward contract. Our customers are routinely going live in as little as a week, while our reseller partnerships and support model saves them money, time, and headaches. 

What’s next?

Our commitment to lowering barriers to building on financial data remains unchanged. Today, this means continuing to meticulously craft the best possible experience for our customers and their end-users. 

But there’s a lot more to build!

Over the coming weeks we will be making several product and partnership announcements - please stay tuned. 

In the meantime, if you're working on something with financial data, reach out to our team!

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