# Deposits

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/deposits

- Industry: IT Infrastructure
- Headquarters: Dallas, US
- Website: www.deposits.com
- Total disclosed funding: $5M
- Latest round: Seed (Aug 23, 2022)
- Investors on record: 3

## About

Founded in 2019, and based in Texas, US, Deposits Inc. operates as a provider of a cloud-based financial platform. The company was founded by its CEO, Joseph Akintolayo, and COO, Daniel Paramo. In August 2022, Deposits Inc. raised USD 5 million in seed funding led by new investor ATX Venture Partners, with participation from other new investors Cabal Fund and Lightspeed Venture Partners.

Deposits offer financial service providers like banks, credit unions, insurers, employment services, and retailers with a cloud-based plug-and-play, no-code banking-as-a-service (BaaS) platform. Users of the platform can quickly create and launch financial services such as mobile apps, online account opening, identity verification, debit and credit accounts, mobile deposits, virtual cards, peer-to-peer payments, and services for house and vehicle loans for their customers.

The company provides a range of plug-and-play options with its platform, including Money Kit, a toolkit to launch fintech products, and Banking Kit, a suite of digital banking platforms and widgets. Identity Kit is a security-based digital banking solution, and Commercial Kit is a low-code commerce and checkout solution for e-commerce businesses.

The company plans to use the August 2022 funding to grow its manpower in the fields of engineering, sales, and marketing as well as focus on the development of its product offerings.

## Funding rounds

- Seed, Aug 23, 2022, $5M — Lightspeed Venture Partners, ATX Venture Partners, Cabal Fund

## Investors

- Lightspeed Venture Partners (https://capitalatlas.ai/funds/lightspeed-venture-partners) — Seed
- ATX Venture Partners (https://capitalatlas.ai/funds/atx-venture-partners) — Seed
- Cabal Fund (https://capitalatlas.ai/funds/cabal-fund) — Seed