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

Published by
Peter Kavinsky

Quiltt is wrapping its warm low-code fintech infrastructure blanket around startups and small businesses that want to create financial services for their customers, but don’t have the budget resources for a big 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 financial app. While pitching their automated budgeting app, they began receiving inquiries from people who weren’t so much interested in the budgeting tool as they were about the data engine around it and integration work they were doing.

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

So they got started building the version of Quiltt that exists today. That includes API integrations with fintech providers, like Plaid, Spade and ApexEdge, and a suite of no-code user interface modules for users to experiment with on top of its data platform.

The company is also building out some bonus adds, like billing and subscription management, so that users can start with off-the-shelf, white-label apps and then transition to more specialized offerings when needed, or when they want to control the full experience without interrupting its back end data or services, Bechhofer said in the interview.

Monday marks the company’s public beta launch to startups and small businesses. Quiltt was working with eight customers over the past year, with a number of those startup customers in production or getting funded themselves, which is resulting in some real clients for the company.

It is a free service, for now, so the company is pre-revenue at this point. The company plans to have an infrastructure-as-a-service tier that will have a fee associated. Bechhofer also said the company will act as a single point of contracting for connection with downstream data providers and actionable API.

In addition, Quiltt announced $4 million in seed funding that was closed in the first quarter of this year. It was co-led by Greycroft and Newark Venture Partners and includes participation by entities like Motivate Ventures, Abstraction Capital, Tectonic Capital and Bridge Investments.

Having bootstrapped previously, Bechhofer mentioned that Quiltt had run “really lean and tight budgeted until basically closing this round,” and unlike companies that are more closely monitoring their cash burn, he and Izmailyan were actually increasing theirs but in a meaningful way.

Instead, Izmailyan and Bechhofer plan to grow the company slowly. It’s been a four-person operation for a bit, and the new funding will enable them to add some engineering power while further developing Quiltt.

Source: TechCrunch

Peter Kavinsky

Peter Kavinsky is the Executive Editor at cablefreetv.org

Share
Published by
Peter Kavinsky

Recent Posts

  • News

Police say fatal explosion at Kabul mosque

Khalid Zadran, a spokesman for Kabul's police chief, told CNN that the blast resulted in…

5 mins ago
  • News

Saudi woman sentenced to 34 years for using Twitter

A Saudi court has sentenced Saudi citizen Salma al-Shehab to 34 years in prison for…

5 mins ago
  • News

Juan Fernando Quintero injury: Juan Fernando Quintero raised the alarm about a possible new injury | Sports

Year Juan Fernando Quintero in River Plate and in general about the team that returned…

9 mins ago
  • News

José Altuve signs up to play for Venezuela in World Classic 2023 | Sports social networks

The Venezuelan team at the World Baseball Classic will be able to count on one…

11 mins ago
  • News

Middle East Jordan River: Rich in Holiness, Poor in Water

Kristen Burckhartt felt overwhelmed. She needed time to reflect, to understand that she had just…

12 mins ago
  • News

BEŞİKTAŞ TRANSFER NEWS – The star that comes out of pain! Here’s Dele Alli’s tough past

British Despite being one of the most talented football players, his career is constantly going…

14 mins ago