US-based fintech startup Deposits has raised $5m in seed funding to further develop its cloud-based platform.

The funding round was led by ATX Venture Partners as well as also saw the participation of Cabal Fund, Lightspeed Venture Partners, among others.

Apart from focusing on its platform, Deposits will also use the capital to expand its sales, marketing as well as engineering teams.

The company’s platform is claimed to make work related to payments easy for credit unions, community banks, insurers, retailers and product brands.

Through the platform, they can offer a wide range of payment and banking options.

Its digital banking platform equipped with latest financial options supports organisations of various sizes to strengthen ties with their customers.

The platform offers multiple services that include apps, online account opening, identity verification, debit and credit accounts, mobile deposits, virtual cards, home and auto loans, foreign exchange among many others.

Furthermore, the platform’s modular features enable users to offer services in a short span of time.

The plug-and-play fintech platform seeks to introduce modern banking services without technical hassles to more communities.

Deposits founder and CEO Joseph Akintolayo said: “Local banks and credit unions have built trust with customers over decades by keeping money within the community.

“But those customers often fall out of love because those institutions struggle to provide a modern, mobile-first banking experience.

“Deposits makes it easy for trusted brands to provide stellar experiences with money. This means their customers can participate in a full range of financial services that in turn improve their financial circumstances and well-being.”

The company’s platform features a wide range of kits that provide thematic financial experiences for Web, Android and iOS devices.

To enable issuance of payment cards, loans and other financial products, Deposits partnered with entities including Blue Ridge Bank, Juicefin, Metropolitan Commercial Bank, Visa and Mastercard.