back Back

Proper Finance raises $4.3m to create an integrated reconciliation software for FinTechs

By Edlyn Cardoza

June 10, 2022

  • Financial Accuracy
  • financial data
  • Financial Services
Share

Proper Finance, Financial Accuracy, FinTech, Redpoint Ventures, Y Combinator, Financial Services, Financial Data, NACHA, Reconciliation-as-a-Service, USAProper Finance, the integrated reconciliation and ledger data platform that enables financial technology companies to maintain complete financial accuracy, closed a $4.3 million seed round led by Redpoint Ventures with participation from BoxGroup, Mischief, Y Combinator, and more.

Some of the tech industry’s fastest-growing startups belong to the accrescent FinTech ecosystem. Through new financial tools and services, these companies entirely reshaped how consumers and businesses interact with their finances, moving money around the world at unprecedented levels of speed and volume. Such rapid growth makes it nearly impossible for these FinTechs to scale their reconciliation processes, making them vulnerable to financial data inaccuracies that can mount into larger financial problems that are sometimes impossible to solve.

“Since Proper’s inception, we’ve met with companies that range from household names to smaller upstarts, and what we’ve discovered is that being unable to maintain complete financial accuracy is a problem that is not just common, but universal to all fintechs,” said Kyle Maloney, co-founder, and CEO of Proper. “We’re providing a ubiquitous solution to help the ecosystem at large so that fintechs can trace and account for every payment that flows through their systems at scale. Not accounting for every single cent can snowball into scenarios where six-digit sums are unaccounted for. Our team’s skill set is unparalleled and they were uniquely assembled to solve this specific problem using their hybrid fintech, banking, and accounting backgrounds.”

With Proper, FinTechs don’t need to spend precious engineering resources on low-level data tasks or on creating and maintaining bespoke internal systems. Knowing that Proper has its financial operations securely covered, its customers can use those resources to focus on core business and innovate new tools and services they can bring to market more swiftly.

“Oftentimes data integrity is an afterthought for new fintechs, and they have to retroactively build these processes into their workflows, creating large sums of work for the lean engineering teams of an upstart,” said Helson Taveras, Chief Technology Officer of Keep. “By selecting Proper for our ledgering, we can manage complex fund flows from the start, saving developer time and resources for what we need the most: bringing new products to market. Working with the Proper team has been absolutely stellar; they are prompt, insightful, and always willing to jump on a call for help.”

“The team at Proper is incredibly talented and has a deep understanding of this problem space,” said Tony Ford, investor and former CTO of Marqeta. “To properly support successful fintech products, you must have financial data integrity and efficient payment operations. With the Proper platform, fintechs will have the help they need to support their complex financial applications.”

With Proper, FinTechs can manage their financial data – from payments providers to banks, network files such as NACHA, or even in-house payment processing systems – within a single platform. Proper is the FinTech industry’s first scalable, easy-to-integrate reconciliation and ledger software for modern FinTechs of all sizes. With this round of funds, Proper plans to develop further its already robust suite of products: Reconciliation-as-a-Service, payments data platform, and the universal ledger. Additionally, the Proper team will introduce no-code tools for payment operations teams to track and reconcile money movement across systems and additional payment method integrations.

“Proper is such an exciting investment for us because when we ask fintech operators and marketplaces we universally get a response indicating how big of a pain point payment reconciliation is. This is why we believe this is the right wedge into building a broader fintech ops platform,” said Medha Agarwal, Partner at Redpoint. “The team’s genuine excitement to drive improvement for their customers, their deep understanding of the context and first-hand experience from their time at Marqeta, and its technically impressive platform, positions Proper to be the first company to successfully solve such a complex, industry-wide obstacle.”

Previous Article

June 10, 2022

ICICI Bank partners with ZestMoney to expand ‘Cardless EMI’ facility

Read More
Next Article

June 10, 2022

YAS MicroInsurance and Amodo partner to enable Autonomous Insurance On-Chain

Read More








IBSi Daily News Analysis

March 22, 2024

Financial Accuracy

Industry experts stress modernization, sustainability, and AI as cornerstones for future of corporate banking, Finastra study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

March 28, 2024

5 Major FinTech Acquisitions announced in March 2024

Read More

March 28, 2024

Tempo France suspends classical remittances, to focus on DeFi

Read More

March 28, 2024

Sindhuja Microcredit secures $14.5m in Series C Funding round

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023