Banking-as-a-service startup Productfy raised $16 million in a Series A funding round led by CM Ventures, with participation by existing investors Point72 Ventures, 500 Startups and Envestnet Yodlee.

The fresh infusion of capital will help the company to roll out card issuance as a service and to further its aim to provide a fully distributed financial and banking infrastructure, Productfy said in a press release on Friday (Oct. 8).

Productfy, which specializes in embedded financial products for FinTechs and brand innovators, was launched in 2018 in Silicon Valley by Duy Vo, who serves as the company’s CEO. The platform has a roster of partners, including card issuing platform Marqeta, card fulfillment firm Arroweye, Mastercard and others to help foster the advancement of the embedded finance ecosystem for developers and innovators.

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“We see massive parallels in what Productfy is building and larger movements in distributed and decentralized finance across the industry. This focus on simplifying an otherwise complicated process with multiple bank partners, data, and card vendors is a herculean task that — looking back in a few years — will be a watershed moment in distributed financial infrastructure,” predicted Vagan Khranyan, managing partner of CM Ventures.

The startup also partnered with Stearns Bank to enable “money movement and card programs with stacked workflows and unified due diligence, eliminating…

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