TZP Growth Equity Leads Series A Round in Finzly

New York, NY -- October 19, 2023

TZP Growth Equity, a fund within the broader TZP Group, a multi-strategy private equity firm, announced today its investment in Finzly, Inc., a provider of modular banking and payments technology infrastructure for financial institutions.

Founded by Booshan Rengachari in 2012 and headquartered in Charlotte, North Carolina, Finzly empowers banks, fintechs, and businesses to rapidly adapt to changing market demands. Finzly's modern, cloud-based, and open API operating system serves as a parallel platform to a bank's core, enabling banks to focus on creating customer centric experiences.

"We are investing in Finzly due to its innovative approach to creating flexible payments and banking solutions," said Shamit Mehta, TZP Partner. He added that Finzly's technology enables seamless integration of banking services while lowering the total cost of ownership.

"TZP brings a wealth of experience, a broad network within the financial industry, and a strong track record," said Finzly founder and CEO Booshan Rengachari, noting the partnership will accelerate growth and enhance market position.

Shamit Mehta led the transaction for TZP with support from George Philipose and will join Finzly's board. Goodwin Procter LLP and McGuireWoods, LLP provided legal counsel.

Finzly's platform includes FinzlyOS, a cloud-based API-enabled operating system, along with turnkey solutions for payments, foreign exchange, trade finance, and compliance. The company recently announced the world's first API to access the FedNow service.

TZP Group manages approximately $2 billion across its funds, focusing on control, growth equity, and structured capital investments in technology, business services, and consumer companies.