Atomic has raised $10 million in a strategic spherical led by Capital One Ventures, Citi Ventures, and FNB Company, bringing its whole funding to almost $79 million.
Atomic offers APIs that join payroll and HRIS programs to monetary establishments, supporting companies like direct deposit switching, revenue verification, and subscription administration.
With backing from prime banks and FNB as each an investor and a consumer, Atomic goals to gasoline deposit development and energy the subsequent wave of personalised, real-time monetary companies.
Monetary connectivity fintech Atomic is the most recent fintech basking on this yr’s fintech spring. The Utah-based firm introduced it has raised $10 million, including to its $68.6 million beforehand raised, bringing its whole funding to nearly $79 million.
Immediately’s strategic spherical comes from Capital One Ventures, Citi Ventures, and FNB Company, which be a part of Atomic’s earlier traders Greylock, Portage Ventures, ATX Enterprise Companions, Mercato Companions, and Core Innovation Capital.
Atomic, based in 2019, goals to attach client information with trendy monetary options. The corporate companions with eight of the highest 10 US monetary establishments, together with many main fintechs, to offer seamless entry to a set of companies—together with direct deposit switching, revenue and employment verification, fee technique updates, and subscription administration—via integrations with payroll programs, HRIS platforms, and retailers.
Atomic mentioned the brand new funding will gasoline each innovation and growth. The corporate plans to deepen its funding in present options whereas additionally accelerating the event of recent merchandise to higher serve its monetary establishment and fintech companions.
“We’re excited to have these trade leaders be a part of us on our mission to champion upward monetary mobility,” mentioned Atomic Co-founder and CEO Jordan Wright. “Collectively, we’re constructing the infrastructure that may drive the subsequent era of monetary merchandise and unlock deposit development, in addition to improved experiences for our clients and the purchasers that work with them.”
Along with investing in Atomic, FNB can be a consumer of the fintech. FNB tapped Atomic to decrease acquisition prices, improve lifetime worth, and change into shoppers’ main monetary hub.
“By means of our omnichannel Clicks-to-Bricks technique and eStore, FNB is pushed to stay a banking trade chief in consumer engagement and innovation. We’ll proceed to spend money on and develop artistic know-how options that convey the complete array of banking services to our digital platform and department system,” mentioned FNB Company President and Chief Government Officer Vincent J. Delie, Jr. “Our funding in Atomic is one other funding in the way forward for banking. By integrating their options with eStore, we are able to provide our clients extra personalised, real-time monetary companies that meet their wants in at the moment’s fast-paced world.”
Atomic most just lately demoed at FinovateSpring 2024, the place the corporate showcased PayLink, a instrument to simplify subscription administration by permitting shoppers to handle, modify, and optimize their recurring funds and subscriptions inside their financial institution.
Picture by Jakub Zerdzicki
