According to Joseph Akintolayo, there is a will for organizations to provide more digital financial tools to their communities. However, due to a lack of technological know-how or tight budgets, they often lack the means.
Now with $5 million in new funding, Deposits — led by Dallas-based startup Akintolayo — aims to bring plug-and-play banking to community banks, credit unions, and other financial brands to reach more people.
“Financial services have always been a relationship business. It’s about trust, it’s about relationships. It wasn’t really about technology until recently,” Deposits CEO Akintolayo told Dallas Innovates. “The focus has changed, and that gave us an opportunity to fill that big gap.”
“We take care of all financial innovation”
Akintolayo co-founded Deposits with COO Daniel Paramo in 2019 after realizing that larger players in the financial industry had a technological advantage over others. He also saw that many of the digital tools being developed in the fintech space were designed for companies that already had big budgets.
With Deposits, the two co-founders want to create a level playing field by making it easier for organizations to offer finance functions. Through the company’s platform, Deposits offers what Akintolayo calls “kits” – themed financial experiences centered around common financial services customers are looking for: like money management, mobile payments, business banking and payroll.
“We provide a range of templates and composable elements that you can use to turn them into your own experience. Sort of like Shopify, Squarespace, or Wix,” Akintolayo said. “Our job is to accommodate consumer expectations to be as product-driven and product-focused as possible. We take care of all the financial innovation and all the technology so nobody else has to take care of it.”
We already work with Visa, Mastercard and Blue Ridge Bank
Akintolayo said Deposits’ goal is to drive inclusion by making digital financial solutions more accessible to those who have been historically underserved — and making it easier for businesses to reach them. He says Deposts does this in a streamlined way to create immediate value.
The company already works with a number of partners, including Visa, Mastercard and Blue Ridge Bank.
“The impact looks like saving some financial institutions from extinction; The effect looks like bringing financial inclusion closer to communities,” Akintolayo said.
“This funding is about expanding access to financial services”
Deposits’ seed funding round was led by Austin-based early-stage venture capital firm ATX Venture Partners and supported by Cabal Fund and Lightspeed Venture Partners. With the new funding, Akintolayo said his company will grow its platform and add new services, such as lending, to its platform while building its 27-strong team.
Akintolayo said his team’s growth will be driven by demand. The company’s website currently lists 25 local and remote vacancies in areas such as product, engineering and sales.
“This funding is about expanding access to financial services,” Akintolayo said. “We plan to really fill this gap that isn’t being addressed by the legacy banking service providers. Our platform opens the door for those who can get into the game. So now all you need is a will and there is a way. There’s still a lot of demand for embedded financial services, and there’s a big gap that needs to be filled.”
Get on the list.
Dallas innovates every day.
Sign up for daily updates on what’s new and next in Dallas-Fort Worth.