Fintech Startup Justifi Aids Digital Businesses Cut Down On Transaction Costs
Minneapolis-based Fintech startup Justifi uses AI technology to help digital businesses in reducing their transaction costs.
Justifi, a US-based Fintech startup develops software that digital businesses can utilize to process payments, deal with their insurance matters and provide lines of credits.
The JustiFi AI optimization Engine categorizes each transaction to the lowest possible effective rate. The more transaction a business moves through, the lower its overall effective rate becomes.
It enables the organizations to take full control of the revenues that move through their platform. As it aims to equip the new platforms by providing them with fintech strategies early in their building stage so that they don’t have to hire huge teams. Also, with the help of JusiFi’s solution, the businesses can shed third parties that take advantage of the transaction value.
Other than this, the startup provides the facility of dashboard and tools which help in assessing the real-time compliance intelligence, gives profit trend analysis, and facility of A/B testing system. This wide array of services has helped the startups catch the eye of investors. As recently the company has successfully fetched $ 6.6 million in its seed round of funding which was led by Rally Ventures and co-led by VC firm Emergence Capital.
The ease and convenience provided by Fintech in terms of financial matters have made fintech apps and software popular. Especially among small businesses and startups that are looking for easy and cost-effective financial facilities. Subsequently, doubling the number of investments in Fintechs in 2021. It is also forecasted that this industry is going to be worth $310billion in 2022.
JustiFi CEO and co-founder Joe Keeley talking about startup said
“The company is targeting a wide range of businesses that fall under the “software-as-a-service” umbrella. That could include businesses like Vagaro or MindBody, which enable customers to book hair appointments through mobile apps. “Anything that you can think of, there’s a software platform for.”
Most startups, small businesses, and organizations do not know how to manage and monetize this whole process. Keeley talking about how the JustiFi facilitates the startups in this regard said
“There’s tens of thousands of these platforms that help these small businesses do what they do better. But the problem is that managing payments and understanding how to monetize the process is really complicated and really expensive. We come in and become the embedded fintech stack for them.”
Fintech startup JustiFi is currently in Minneapolis but it plans to open its new headquarter in St. Paul in 2022.