Blanket wraps its warm blanket of low-code fintech infrastructure around startups and small businesses that want to build financial services for their customers but don’t have the budgetary resources for a large team of engineers.
Ruben Izmailian and Mark Bechhofer came up with the idea for Dallas-based Quiltt about five years ago while working together on a personal financial app. While they were pitching their automated budgeting app, they started getting inquiries from people who were less interested in the budgeting tool than in the data engine around it and the integration work they were doing.
“We realized that we had a much better time to spend, so we switched to the infrastructure business,” CEO Izmailian told TechCrunch. “For the most part, we were doing bootstrap, and for the previous business, that made more sense, but for that, it made a lot more sense to develop the venture route.”
So they started building the version of Quiltt that exists today. This includes API integration with fintech providers such as Plaid, Spade, and ApexEdge, as well as a set of no-code UI modules that users can experiment with on top of their data platform.
The company also creates some perks, such as billing and subscription management, so users can start with pre-built white-label apps and then move on to more specialized offerings when needed or when they want to be in control of everything. experience without interrupting your server data or services, Bechhofer said in an interview.
On Monday, the company is launching a public beta for startups and small businesses. Over the past year, Quiltt has worked with eight clients, with some of these startup clients working or receiving funding themselves, which has resulted in the company having several real clients.
It’s a free service at the moment, so the company is in pre-earnings tier at the moment. The company plans to have an “infrastructure as a service” tier, for which fees will be charged. Bechhofer also said the company will act as a single point of contact for contracting downstream data providers and a powerful API.
In addition, Quiltt announced $4 million in seed funding, which closed in the first quarter of this year. It was co-led by Greycroft and Newark Venture Partners and featured organizations such as Motivate Ventures, Abstraction Capital, Tectonic Capital and Bridge Investments.
Launching earlier, Bechhofer mentioned that Quiltt was running “very lean and on a budget until it basically closed this round”, and unlike companies that are more closely monitoring their cash outlays, he and Izmailyan were actually increasing theirs. but in a meaningful way.
Instead, Izmailyan and Bechhofer plan to slowly develop the company. Four people have been doing this for a while, and the new funding will allow them to add some engineering power as Quiltt continues to grow.
Credit: techcrunch.com /