Deposits
Deposits Inc. was a Dallas-based banking infrastructure provider that built a unified Modern Money Stack platform combining issuing, compliance, risk, and money mobility for banks, fintechs, and brands. It was acquired by Ingo Payments on August 30, 2024.
- Company typePrivate
- Founded2021
- HeadquartersDallas, United States
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What Deposits does
Deposits Inc. was a private financial infrastructure company founded in 2021 and headquartered in Dallas, Texas, that built modern banking software tools designed to enable banks, fintechs, and non-financial brands to offer feature-rich accounts. Its core offering was a unified "Modern Money Stack" platform that combined issuing, compliance, risk, and money mobility capabilities into a single integrated stack, with integration and interoperability cited as its primary technical differentiator. The company pursued a horizontal go-to-market strategy, targeting three primary segments — traditional banks seeking to modernize beyond legacy core systems, digital-native fintechs requiring modern banking infrastructure, and brands looking to embed financial accounts into their customer experiences.
Deposits raised approximately $5.1 million in disclosed funding, including a $5 million round led by ATX Venture Partners with Lightspeed Venture Partners participation in August 2022, a $100,000 tranche from Google for Startups in September 2022, and selection into the Visa Inclusive Fintech Accelerator in January 2024. The company operated with a small team in the 11-50 employee range and maintained a single disclosed executive, Samson Aligba as Chief Product Officer. No pricing model, revenue mechanics, or named customer logos are publicly available, and the company's website domain (ondeposits.com) has expired to a Namecheap parking page. On August 30, 2024, Deposits was acquired by Ingo Payments, with the deal announced September 5, 2024, and the company's technology was absorbed into Ingo's Modern Money Stack platform, ending Deposits' independent operations.
Deposits firmographics
Firmographics- Name
- Deposits
- Legal name
- Deposits Inc.
- Website
- https://ondeposits.com
- Company type
- Private
- Founded year
- 2021
- Operating status
- Acquired
- Headcount range
- 11–50 employees
- Short description
- Deposits Inc. was a Dallas-based banking infrastructure provider that built a unified Modern Money Stack platform combining issuing, compliance, risk, and money mobility for banks, fintechs, and brands. It was acquired by Ingo Payments on August 30, 2024.
- Ownership category
- akta.pro rank
Deposits industry classification
Industry- Product category
- Banking-as-a-Service Infrastructure
- NAICS
- Depository Credit Intermediation (5221)
- SIC
- Functions Related To Depository Banking, Nec (6099)
- akta.pro primary industry
- Core Banking & Ledger Systems (Cloud Core, Deposits, Accounts) (FSAGAAAC)
- akta.pro secondary industry
- Embedded Deposit Accounts & Digital Wallet Infrastructure (FSAGALAE)
Keywords
Where Deposits is headquartered
LocationHeadquarters
- HQ city
- Dallas
- HQ country
- United States
- HQ region
- North America
Markets served
Deposits business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure
Deposits product offering
Product offeringCore offering
Deposits Inc. provided modern banking software tools and infrastructure that combined issuing, compliance, risk, and money mobility capabilities into a unified platform. The company's offering enabled banks, fintechs, and non-financial brands to launch feature-rich accounts without dependence on legacy core banking systems, addressing the shift toward digital-only banking and embedded financial services.
Product overview
Deposits Inc. was a provider of modern banking software tools and infrastructure. The company was acquired by Ingo Payments on August 30, 2024. Following the acquisition, Deposits's technology was integrated into Ingo's Modern Money Stack platform, which combines issuing, compliance, risk, and money mobility capabilities to enable banks, fintechs, and brands to offer modern account services.
Differentiator
Problem solved
Functional benefit
Products and services
- Modern Money Stack Platform Modern banking software tools and infrastructure that combine issuing, compliance, risk, and money mobility capabilities, enabling banks, fintechs, and brands to offer feature-rich accounts.
Companies that use Deposits
Customer profileSegments3 records
Ideal customer profiles3 records
Deposits technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Deposits partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Ingo PaymentscoreIngo Payments acquired Deposits Inc. on August 30, 2024. The acquisition accelerates the launch of Ingo's Modern Money Stack platform, which enables banks, fintechs, and brands to offer feature-rich accounts by combining issuing, compliance, risk, and money mobility capabilities.
Scale indicators2 records
Recent moves6 records
Expansion highlights4 records
Deposits competitors and assessment
Company assessmentDirect peers
- Unit: Unit is a leading embedded banking and BaaS infrastructure provider that enables fintechs and brands to offer branded deposit accounts, cards, and lending. It is the closest direct peer to Deposits Inc.'s Modern Money Stack across issuing, compliance, and accounts.
- Treasury Prime: Treasury Prime provides an embedded banking platform that connects fintechs and brands to partner banks, offering accounts, issuing, and compliance APIs. It directly overlaps with Deposits Inc.'s banks/fintechs/brands target segments and integrated modern stack approach.
- Synctera: Synctera is an embedded banking platform pairing fintechs with sponsor banks to deliver accounts, cards, and compliance tooling. Its end-to-end account-plus-issuing-plus-compliance model closely mirrors Deposits Inc.'s Modern Money Stack positioning.
- Finix: Finix is a payments infrastructure provider offering merchant acquiring, issuing, and money-mobility tooling to platforms and fintechs. Its focus on integrated issuing and money mobility makes it a strong comparable for Deposits Inc.'s modern money mobility and issuing capabilities.
Broad incumbents
- Stripe Treasury: Stripe Treasury, part of Stripe's broader financial infrastructure suite, enables platforms to embed financial accounts. As a much larger incumbent with deep fintech distribution, it competes broadly with Deposits Inc. across embedded accounts and money movement.
- Lead Bank: Lead Bank is a sponsor bank offering embedded banking and BaaS infrastructure to fintechs and brands. It competes as a regulated bank partner delivering deposit accounts, issuing, and compliance — overlapping with the bank-and-fintech use cases Deposits Inc. targeted.
- Plaid: Plaid is a dominant financial data connectivity and infrastructure platform serving fintechs, banks, and brands. While broader than Deposits Inc., Plaid increasingly competes in the embedded account and money-mobility space and is a comparable incumbent for bank/fintech infrastructure buyers.
Emerging players
- Column (bank): Column is an API-first bank-as-a-platform offering accounts, issuing, and ledger infrastructure to fintechs. Its modern core platform approach is comparable to Deposits Inc.'s 'Modern Money Stack' wedge, though it also operates as a chartered bank rather than purely as infrastructure.
- Orum: Orum provides money-movement infrastructure (ACH, RTP, FedNow) for banks and fintechs, sitting within the same 'money mobility' layer that Deposits Inc.'s platform bundled. It is an emerging player in the adjacent rail that Deposits Inc. integrated into its stack.
Regional players
- Banking-as-a-Service providers (e.g., Solaris SE): Solaris SE is a European banking-as-a-service platform offering embedded accounts, cards, lending, and compliance APIs across the EU. It is comparable in product architecture but primarily competes in Europe rather than the US-centric market Deposits Inc. served.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat3 records
Key risks5 records
Key highlights5 records
Customer concentration
Deposits social profiles
Digital presenceDeposits financial estimates
Financial estimateRevenue estimate
Valuation estimate
Deposits leadership team
Management profileNumber of profiles
Profiles1 record
Deposits funding detail
Funding detailFunding overview
Funding rounds3 records
Investors4 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Deposits M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Deposits
What does Deposits do?
Deposits Inc. provided modern banking software tools and infrastructure that combined issuing, compliance, risk, and money mobility capabilities into a unified platform. The company's offering enabled banks, fintechs, and non-financial brands to launch feature-rich accounts without dependence on legacy core banking systems, addressing the shift toward digital-only banking and embedded financial services.
Is Deposits a public or private company?
Deposits is a private company. It is classified as corporate owned and is currently acquired.
When was Deposits founded?
Deposits was founded in 2021. It employs 11 to 50 people.
Where is Deposits based?
Deposits is headquartered in Dallas, United States, in the North America region.
Who are Deposits's main competitors?
Direct peers on record are Unit, Treasury Prime, Synctera and Finix. Broad incumbents are Stripe Treasury, Lead Bank and Plaid. Emerging players are Column (bank) and Orum. Banking-as-a-Service providers (e.g., Solaris SE) is listed as a regional player.
Does Deposits have an API?
No public API is recorded for Deposits.
What industry is Deposits in?
Deposits's product category is Banking-as-a-Service Infrastructure. Its primary akta.pro industry code is FSAGAAAC, Core Banking & Ledger Systems (Cloud Core, Deposits, Accounts), with a secondary code of FSAGALAE, Embedded Deposit Accounts & Digital Wallet Infrastructure. Its NAICS code is 5221 and its SIC code is 6099.