I’m pleased to share a few bits of exciting news while we’re on the ground here at Fintech Meetup in Las Vegas 

But first, some quick context. 

Just a few weeks ago, Ellen shared a look back at 2024 with a snapshot of how we’re doing so far this year, along with some interesting early data on how things are going. A few weeks before that, I shared that we had just hired our first CFO, Matias Pino, as a critical part of our path to profitability in 2026. In FY2024, our gross profit increased 230%, so we're well on our way.

Over the past 5 years we’ve grown deliberately and intentionally, and it’s paying off. How do I know? As I typed this, I got a note from the team that one of our latest customers, Unified Signal, is ready to launch an exciting program with Alliant Insurance Services, a top 5 commercial retail insurance brokerage firm in the U.S.. It’s a pretty interesting story how all of that came together (more on that another day).

It’s now time to accelerate. 

Everything.

Now to the news…

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A(nother) vote of confidence

We’ve raised a $15M fresh round of funding, bringing us to a total of $94M. The round was co-led by Fin Capital and Diagram. Both firms have had our backs in immeasurable ways since our earliest days. We’re excited for them to be joined by our other existing investors, including First & Main, Evolution, and True Equity.

What will we do with the money? Continue to build, scale, and grow with the same core principles of effective compliance, operational excellence, and flexible design. 

This is a vote of confidence that we don’t take lightly. It’s not an achievement in and of itself, but more of a signal - one that enables us to continue to drive scalable growth and excellence for our customers and banks. 

Speaking of growth…

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A (shared) mission

We’ve signed an agreement with a fantastic new customer with a phenomenally intriguing use case and big aspirations – Bolt. 

The team at Bolt is immensely driven and talented and have an incredible vision for how we buy things online. You can’t build the largest API-based shopper network in the U.S. (80M consumers!) by accident.

Bolt’s founder, Ryan Breslow, shared a bit about what they’re up to on the Fintech Meetup stage yesterday and you’ll certainly hear more in the coming weeks and months. Their bank partner, Midland States Bank, has been, and will continue to be, integral in getting them up and running. We’re looking forward to seeing their continued path of innovation and success up close and personal. 

And speaking of innovation…

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Strategically speaking

Last, but definitely not least, we’re happy to share a new strategic partner of ours: Hawk, a pioneer in the use of AI in fighting financial crime. Their team has built best-in-class AML and CFT technology, and we’re pleased to have their solutions integrated into our core platform.

We’ve outlined in the past how we think BaaS can be done right, and it starts and ends with bulletproof risk and compliance and fraud protection practices. That’s why our partnership with Hawk further solidifies our leadership position in the BaaS and embedded finance space.

Banking is still hard. Really hard. Making it simpler for companies of all sizes to provide banking and financial services to their customers, in a way that protects everyone involved, has always been our north star. It’s who we are. It’s who we’ll always be. It’s something we do through continual support and collaboration with our banking and technology partners, customers, and everyone in fintech who shares our excitement for the future. 

We’re looking forward to doing much more of it over the next year. 

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Tx

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