For businesses looking for low-code fintech infrastructure options, there’s a quilt for that – TechCrunch

Quiltt packs its warm, low-coded fintech infrastructure blanket around startups and small businesses that want to create financial services for their customers, but do not have the budget resources of a large engineering team.

Ruben Izmailyan and Mark Bechhofer came up with the idea for the Dallas-based Quiltt about five years ago while working together on a personal finance app. While launching their automated budgeting app, they began receiving inquiries from people who were not so interested in the budget tool. as if the computer engine around it and the integration work they did.

“We realized it was a much better place for us to spend our time, so we went into an infrastructure business,” CEO Izmailyan told TechCrunch. “We started the startup for the most part, and for the previous business it made more sense, but for this it made a lot more sense to build on the venture route.”

So they started building the version of Quiltt that exists today. It includes API integrations with fintech vendors, such as Plaid, Spade and ApexEdge, and a suite of code-free user interface modules that users can experiment with on top of the data platform.

The company is also expanding some bonus add-ons, such as billing and subscription management, so users can start with off-the-shelf, white-labeled apps and then switch to more specialized offerings when needed, or when they want to control the whole experience without interrupting backend data or services , said Bechhofer in the interview.

Monday marks the company’s public beta launch for startups and small businesses. Quiltt has worked with eight customers over the past year, with a number of these start-up customers in production or self-financed, resulting in some real customers for the company.

It is a free service at the moment, but the company plans to have an infrastructure-as-a-service level that will have a fee attached. Bechhofer also said that the company will act as a simple agreement point for connection with downstream data providers and action-friendly API.

In addition, Quiltt announced $ 4 million in start-up financing, which closed in the first quarter of this year. It was led by Greycroft and Newark Venture Partners and includes participation from entities such as Motivate Ventures, Abstraction Capital, Tectonic Capital and Bridge Investments.

After tightening up earlier, Bechhofer mentioned that Quiltt had run “very slim and tightly budgeted until basically ending this round,” and unlike companies that monitor more closely with their cash consumption, he and Izmailyan actually increased theirs, but on a meaningful way.

Instead, Izmailyan and Bechhofer plan to grow the company slowly. It has been an operation of four people for a while, and the new funding will enable them to add some engineering power as they further develop Quiltt.