Deposits

Banking-as-a-Service Infrastructureondeposits.com

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

Embedded banking platform
Banking-as-a-service
Money mobility infrastructure
Issuing compliance tools
Core banking modernization

Where Deposits is headquartered

Location

Headquarters

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 offering

Core 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 profile

Segments3 records

Ideal customer profiles3 records

Deposits technology and API

Technology

Technology focussed Yes

API detail

Has API: No
API docs
API detail

Core technology

AI maturity

App detail

Feature1 record

Deposits partnerships and signals

Strategic signal

Partnerships

One partnership is on record.

Ingo PaymentscoreStrategic or Co-development Partner · 30 August 2024Ingo 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 assessment

Direct 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 financial estimates

Financial estimate

Revenue estimate

Valuation estimate

Deposits leadership team

Management profile

Number of profiles

Profiles1 record

Deposits funding detail

Funding detail

Funding 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 investment

M&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?

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.