Company News
Quiltt Raises $2.6M to Fix Open Banking
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!
Frequently Asked Questions
What advantages does Quiltt offer over direct provider integration?
Quiltt significantly reduces the complexity and resource investment required to leverage open banking data:
- Single Integration: Instead of building and maintaining multiple provider integrations, you integrate once with Quiltt.
- Unified API: Access data from any provider through one consistent API, eliminating the need to handle provider-specific data formats.
- Provider Optimization: We automatically route users to the best provider for their specific bank, improving connection success rates.
- Cost Efficiency: Benefit from our aggregated buying power and avoid minimum monthly commitments with individual providers.
- Faster Time to Market: Launch in weeks instead of months with our pre-built components and comprehensive SDKs.
- Simplified Operations: One contract, one integration, one support team, and one bill - dramatically reducing the overhead of managing multiple vendor relationships.
Can I start with one provider and add more later?
Absolutely. Many of our customers start with a single provider and expand their provider network as their needs evolve. If you're on the Startup plan or above, you can easily enable additional providers through the Quiltt Dashboard at any time. There's no need to integrate new code or negotiate additional contracts - just toggle on the providers you want to use. If you're on our builder plan, send an email to sales@quiltt.io and we can set you up with one of our higher tiers!
Do I need separate contracts with each data provider?
No - that's one of the key benefits of working with Quiltt. As an authorized reseller of leading data providers, we offer wholesale pricing and manage all vendor relationships on your behalf through a single agreement. This means you get competitive rates and don't have to deal with the complexity of managing multiple vendor relationships, contracts, and billing cycles.
