There are 32.5 million small businesses in the U.S. alone, which accounted for 99.9 percent of all American businesses last year, according to recent data. Despite small businesses making up a majority in the country, many business owners report adapting to digital transformation and new technologies as a challenge. Dallas-based Quiltt, which recently raise new capital, is hoping to eliminate the tech barrier for small businesses and startups alike with its low-code fintech platform.
“Quiltt’s vision is to make fintech development more accessible so that more growing businesses and startups can create seamless experiences for their customers,” Ruben Izmailyan, CEO and co-founder of Quiltt, said in a statement.
With Quiltt, small businesses and startups can quickly improve their technology offerings. Rather than hiring external engineers to update their offerings, businesses can use Quiltt’s low-code platform to get the work done. Some Quiltt offerings include connecting customers’ financial accounts to one centralized platform, monitoring expenses and more.
On Monday, Quiltt pulled in $4 million in a seed funding round co-led by Greycroft and Newark Venture Partners. The funding is set to go toward building out data integrations, adding new platform capabilities, and hiring specifically for the Quiltt engineering team.
Alongside announcing its raise, Quiltt also released a beta version of its platform. Prior to launching, eight customers were using the Quiltt platform, including Round4Good, a nonprofit that helps organizations and their employees donate to social causes. Round4Good CEO Joseph Graves said with Quiltt he and his team are able to build “custom fintech experiences in hours rather than months.”
“Quiltt has given us the ability to experiment and iterate at a rate that was previously unimaginable,” Graves said in a statement.