Modern payments system provider Finzly doubles revenue growth in 2023

Finzly, the pioneering provider of modern payments systems has announced that its 2023 revenue growth doubled over 2022, and its payments platform volume grew by more than 400%. The increase is attributed to a surge of new customers, growth in real-time payments driven by the introduction of FedNow, and the need for US banks to modernize their payments technology.

The banking industry is experiencing an acceleration in spending on payments technology fueled by the evolution of the real-time economy, demonstrated by a threefold increase in the volume of real-time payments over the past two years. Datos Insights reports that 94% of banks are investing in their payments technology, with almost a third saying they are making significant investments. The research firm also reports that 40% of banks have moved their payments infrastructure to the cloud or are currently implementing a move.

Bolstered by strong market demand and its recent $10m Series A funding round, Finzly is investing in scaling its business and talent to support growth with an unwavering dedication to innovation and excellence. Finzly welcomes a group of senior professionals who are pivotal to its continued growth. Key appointments have been made in:

• Delivery, strengthening Finzly’s capacity to provide seamless and timely solutions.
• Infrastructure, fortifying Finzly’s technological foundation and facilitating scaling.
• Quality assurance, ensuring the highest standards of product reliability and customer satisfaction.
• Partnerships, cultivating strategic collaborations with an ecosystem of providers connected through API technology and
• Sales, capitalizing on the increased demand for its modern technology platform.

Booshan Rengachari, CEO of Finzly, commented: “2023 was a truly remarkable year for Finzly. We led the market by introducing the first FedNow API, further enhanced our leading solution set, and secured funding from a great partner in TZP Growth Equity, all contributing to the impressive revenue growth we’re reporting today. Given banks’ need to modernize payments infrastructure this year and the scale of that task, the investments in talent and technology we made in 2023 position us well to be a great partner to banks in 2024 and beyond”.

Rengachari continued: We take great pride in expanding our team of experts in these pivotal areas, underscoring our commitment to delivering excellence to our valued customers. We are ramping up to address the evolving needs of our clientele. The future looks exceptionally promising for Finzly, and we are delighted to have such highly talented individuals joining our ranks.”

Finzly’s growth journey exemplifies its resilience and highlights its forward-looking approach. These strategic senior appointments underscore Finzly’s belief in its ability to lead the industry with innovative solutions that deliver substantial value to the industry.