Atomic has raised $10 million in a strategic spherical led by Capital One Ventures, Citi Ventures, and FNB Company, bringing its whole funding to just about $79 million.
Atomic gives APIs that join payroll and HRIS methods to monetary establishments, supporting providers like direct deposit switching, earnings verification, and subscription administration.
With backing from prime banks and FNB as each an investor and a consumer, Atomic goals to gas deposit development and energy the subsequent wave of customized, real-time monetary providers.
Monetary connectivity fintech Atomic is the most recent fintech basking on this 12 months’s fintech spring. The Utah-based firm introduced it has raised $10 million, including to its $68.6 million beforehand raised, bringing its whole funding to nearly $79 million.
At the moment’s strategic spherical comes from Capital One Ventures, Citi Ventures, and FNB Company, which be part of Atomic’s earlier buyers Greylock, Portage Ventures, ATX Enterprise Companions, Mercato Companions, and Core Innovation Capital.
Atomic, based in 2019, goals to attach shopper information with trendy monetary options. The corporate companions with eight of the highest 10 US monetary establishments, together with many main fintechs, to supply seamless entry to a collection of providers—together with direct deposit switching, earnings and employment verification, cost methodology updates, and subscription administration—by way of integrations with payroll methods, HRIS platforms, and retailers.
Atomic stated the brand new funding will gas each innovation and enlargement. The corporate plans to deepen its funding in present options whereas additionally accelerating the event of latest merchandise to raised serve its monetary establishment and fintech companions.
“We’re excited to have these business leaders be part of us on our mission to champion upward monetary mobility,” stated Atomic Co-founder and CEO Jordan Wright. “Collectively, we’re constructing the infrastructure that can drive the subsequent era of monetary merchandise and unlock deposit development, in addition to improved experiences for our clients and the shoppers that work with them.”
Along with investing in Atomic, FNB can also be a consumer of the fintech. FNB tapped Atomic to decrease acquisition prices, enhance lifetime worth, and turn out to be customers’ major monetary hub.
“By means of our omnichannel Clicks-to-Bricks technique and eStore, FNB is pushed to stay a banking business chief in consumer engagement and innovation. We’ll proceed to put money into and develop inventive know-how options that carry the total array of banking services to our digital platform and department system,” stated FNB Company President and Chief Government Officer Vincent J. Delie, Jr. “Our funding in Atomic is one other funding in the way forward for banking. By integrating their options with eStore, we are able to supply our clients extra customized, real-time monetary providers that meet their wants in right now’s fast-paced world.”
Atomic most not too long ago demoed at FinovateSpring 2024, the place the corporate showcased PayLink, a software to simplify subscription administration by permitting customers to handle, modify, and optimize their recurring funds and subscriptions inside their financial institution.
Photograph by Jakub Zerdzicki
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