As fintech becomes more fragmented, Meld is helping developers manage their tech stack.

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Fintech has a fragmentation problem – as the number of fintech products grows, so does the number of integrations of each service with others. Developers now often have to manage numerous third-party integrations with other platforms, such as the Stripe payment processor and Plaid banking API, as part of their own company’s fintech stack.

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merger, founded last year, provides developers with a “fintech stack as a service” to deal with the chaos of integrating with various service providers, Pankaj Bengani, CEO and co-founder, told TechCrunch. By combining all these services into a single API and dashboard, the company says it reduces the friction faced by fintech companies when launching new products and entering new markets, allowing them to scale more easily.

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Bengani, who previously led Square’s platform and partnerships team, said that during developer onboarding, he noticed that they often had to spend more time building and managing third-party integrations than developing their own products. The fragmentation of the industry is also growing.

“You might think that every payment would go to one or two providers, but it turns out that whether it’s crypto or fiat payments or banking — those are the areas we’ve focused on — there’s a continuous explosion of services,” Bengani said.

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Meld customers bring their own third party service providers to the platform, and Meld is responsible for integrating each service provider into the single API and dashboard that the customer uses.

“[Our customers] be in a relationship. We just let them route [their workflow] so they don’t need to create integrations. [Otherwise]they’ll have to return transaction conversion data and also manage whether that data goes into a single dashboard, so we’re going to help them with that,” Bengani said.

The product has already been launched for customers, and Bengani said the company is generating revenue today, although he declined to provide specific numbers for any metric.

Bengani said the company has connected about 30 service providers so far and plans to have “hundreds” on its platform by the end of this year. He added that every time a new service provider is added to Meld, this integration becomes available to all Meld customers who work with that provider. The first time Meld brought in a service provider, the integration took a couple of weeks, Bengani said, and he expects to bring that down to a week “in the next two or three months.”

Today Meld has 11 employees and we are committed to growth. Company just came out of hiding and announced it had raised an $8 million seed round. led by Coatue, which Bengani said closed early in the second quarter of last year. More than 20 angel investors also participated in the round, including Daffy co-founder and CEO Adam Nash, Afterpay CTO Akash Garg, and Square executive chairman Jackie Rezes, according to the company.

Meld co-founders Pankaj Bengani and Hank Pham

Meld co-founders Pankaj Bengani and Hank Pham Image credits: merger

“In building Square, I ran into the same problem over and over again: to provide a differentiated customer experience, we have to manage a complex network of vendor integrations. merger has a powerful vision and an elegant solution, and I’m thrilled that Pankaj and his team are coming to market with what they’ve been working on for the past year,” Reses told TechCrunch via email.

Bengani said Meld’s immediate goal is to increase transaction volume and conversion rates for its clients. In the long term, he hopes to help more fintech companies launch and reach different user groups around the world, which Bengani sees as integral to the overall growth of the fintech industry.

“We create integrations that help developers manage their fintech stack. I think it’s really important and I just focused on it. But if we earn the right to exist in five or ten years, let’s hope we become a small part of [the growth of] financial services,” Bengani said.

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