A Code “Quiltt” for Fintechs
It’s called Quillt, a low-code tool that allows companies to integrate with several third-party services to either pull in datasets or act on data.
Quiltt says their tool detracts the need for companies to hire costly engineers to integrate their services one at a time. In doing this it allows for data to be accessed instantly by “abstracting away” the need for any organization to integrate with services one at a time and “right the business logic” required to each individual service into a single integration.
“So, with us, regardless of who’s in your data stack, we can essentially have a backend that processes all that information so you can focus on whatever your core focus is at the end of the day, as opposed to repetitive data, plumbing, and infrastructure,” said Mark Bechhofer, Cofounder & COO.
The low code aspect of it is modules with just a couple lines of code that anyone can paste into their application and embed a frontend experience. Startup companies that are looking to build in fintech with small teams and little funding could also seek assistance through Quiltt, according to Bechhofer. It could even be a bank or a credit union that wants to focus on their core competency and not worry about adding commoditized feature sets that their competitors already have.
“We are issuing cards and processing transactions, we are really doing the data intelligence around money,” said Bechhofer.
Before Covid, Bechhofer and business partner Ruben Izmailyan were selling a white label suite of DFM apps to banks and credit unions. The two business partners were often asked how they had built this backend infrastructure to take in data from “disparate sources” and combine it, analyze it, standardize it and make sense of it.
“We realized that was actually a much larger market with potentially a much larger play. And so we kind of ripped apart our old application into what I call like a Lego box and fintech infrastructure, and pivoted the company into what it is today,” said Bechhofer.
Driven by the mission of bringing financial wellness to as many people as possible, the team at Quiltt is excited about the possibilities ahead.
“We think that providing this new abstraction layer of technology will empower many new types of fintech builders and essentially give license to folks who maybe aren’t full time data scientists or engineers without worrying about hiring expensive teams. We’re really excited about what people might build on our platform that we haven’t even envisioned,” Bechhofer said.Last modified: July 18, 2022
Anaya Vance is a reporter for deBanked. Connect with me on LinkedIn.