BaaS Platform Productfy Closes $16M in Series A Funding, Announces Card Issuance Partnership

Productfy, a Banking as a Service (BaaS) platform offering embedded financial products for fintechs and brand innovators, announced recently it has secured $16 million in Series A funding round, along side its strategic card issuance partnership with Stearns Bank National Association.

The Series A round was led by CM Ventures, with participation by existing investors Point72 Ventures, 500 Startups, and Envestnet | Yodlee.

With the new capital, the platform plans to further scale its offerings and compliance as a service capabilities and continue innovating on it’s core data and card issuance offering, with a focus on adding additional integrations and partnerships in the coming quarters.

Regarding the partnership, Productfy develops expanded access to money movement, digital banking, and card issuance products via easily embeddable APIs, widgets, and pre-approved customer interfaces.