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Saturday, April 13, 2024

Charlotte-based Finzly raises $10 million from investors

Finzly, a Charlotte-based bank technology company, has raised just more than $10 million from investors, according to a filing Tuesday with the Securities and Exchange Commission.

The money came from five investors, according to the filing. The primary investor is TZP Growth Equity, a fund run by the TZP Group private equity operation.

Finzly was founded in 2012 by Booshan Rengachari with the mission to create a modern banking experience. Prior to Finzly, Rengachari managed international technology at Well Fargo. He has also been a member of the the U.S. Faster Payment Task Force and a solution proposer to the Federal Reserve Bank.

Rengachari has been funding the company until now. The company’s clients include Synovus, Pacific Premier Bank, Fulton Bank and First Horizon Bank.

“We plan to use the funds towards marketing, sales and product roadmap towards our mission in building the best banking infrastructure for the US and becoming No. 1 player in banktech,” said Rengachari in a message.

Finzly’s operating system simplifies back-office operations and the customer experience by consolidating all payment rails into a single platform, creating what it calls a “payments core.” It has been the first financial technology company to connect to FedNow, the new instant payment service introduced this year by the Federal Reserve.

Its system also combines multi-rail payment hubs, foreign exchange payments, trade finance, compliance, and commercial banking components.

TZP Group, which has about $2 billion in investments, invests primarily in closely held, private companies in which the owners desire to retain a significant stake and partner with an investor with complementary operating and financial skills.

TZP partner Shamit Mehta is joining the Finzly board.

Chris Roush
Chris Roush
Chris Roush is executive editor of Business North Carolina. He can be reached at croush@businessnc.com.

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