To help the small businesses in the fintech industry, Quiltt is wrapping its blanket of warm low-code fintech infrastructure around these businesses that are looking forward to creating financial services for customers but are unable to do so due to a lack of budget resources to put up a large engineering team that can process everything. The founders of the company Mark Bechhofer and Ruben Izmailyan came up with the idea of working on a personal financial application about 5 years ago, naming the venture Quiltt.
The company received several queries when it was pitching the automated budgeting app. The queries, however, came less from people who were less interested in the budgeting tool and more in the data engine and integration system around it that the company was doing. According to the CEO Of Quiltt, Ruben Izmailyan, they realized that was a better place for the company to be sending their time and that is when it pivoted into a business of infrastructure. The company was resetting for the most part but expanding the venture route made much more sense at that time, Izmailyan added.
The company has worked with eight clients in the last year that were either start-ups in production or receiving funding on their own.
Therefore, the company started working on the present-day version of Quiltt, which includes API incorporations with companies providing fintech solutions like Spade, ApexEdge, and Plaid, along with a collection of no-code user interface modules on the top of data platform of the company for its users to explore with. In a recent interview, Bechhofer said that to help the users to start with white-label and off-the-shelf apps, the company is working and building some extra additions like subscription management and billing. This will enable the users to transition to more advanced offerings whenever they need and they can also control the entire process without any scatter in the back-end data or services.
The company will introduce its public beta testing to small businesses and several start-ups on Monday. So far, the company has worked with eight clients in the last year that were either start-ups in production or receiving funding on their own, resulting in some of the actual clients for the business. Currently, the services are free of cost but the company is planning to launch an infrastructure-as-a-service layer with an associated fee for the same, as mentioned by Bechhofer while he also added that as a single point of contract for connection with subsequent data providers and usable API, the company will take upon the role.
Mark Bechhofer and Ruben Izmailyan are the founders of Quiltt.
In the first quarter of the present year, Quiltt announced the raise of $ million in seed funding, co-led by Newark Venture Partners and Greycroft. Entities like Abstraction Capital, Motivate Ventures, Bridge Investments, and Tectonic Capitals were also a part of the round.
Bechhofer has bootstrapped Quiltt previously and in contrast to other companies, which were keeping a close check on their cash burn, before closing this seed round of funding, Quiltt had run really lean and tight budgeted. Izmailyan and Bechhofer were trying to increase their cash burn but in a substantial way. Instead, the founders then decided to follow a steady pace to expand the business. The fresh funding will enable the company to add some engineering strength while they try to develop Quiltt.