The Ledger
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Productfy targets non-fintechs with zero upfront costs and transaction fees
“What we actually want, want to move more towards is, is to enable organizations that don't have engineering teams, that don't have compliance team, that don't have servicing teams to be able to launch a financial product. And so that's the model that we are no…”
Productfy charges low thousands monthly plus transaction and interchange fees
“We're talking very, very minimal program management fees in the hundreds of dollars until you go live and it's the low thousands and then per month. And then we charge on ACH, on KYC on wires. And then we split the interchange on revenue.”
Productfy generates $1,000 to $5,000 per month per average customer
“Yeah, I think it's probably safe to say one to five K is probably the right number.”
Productfy added 150,000 production users between January and August 2021
“Between January and August, I think it was like a hundred and 50,000 production users got added to our system.”
Productfy debit card volume grew up to 4x in November 2021
“Our debit card transaction volume grew by, I think, Somewhere between two and a half to four X between October and November.”
Productfy predicted its debit card volume would triple in December 2021
“And we're probably going to three X that from, you know, November to December.”
Productfy plans to roll out secured credit and lending in 2022
“We're going to enable any organization without an engineering team, without a service team, without a commercial without a compliance team, to launch a financial product with direct deposits DDAs, debit cards, HHM wires in less than a week. And then we're goin…”
Productfy's early customers were entirely fintech companies
“Our early customers are all fintechs at this point.”
Productfy CEO Yui Vo experienced homelessness in high school
“For me, you know, first generation immigrant, I was homeless in high school didn't know how to access financial services.”