The fintech landscape has transformed drastically since a group of Birmingham bankers joined forces to open up the startup Quantalytix in 2017.
Still, CEO Christopher Aliotta saw a gap in what was available in the lending vertical of fintech.
“In our roles as bankers, and specifically as it related to managing the balance sheet, we saw a large asymmetry in the technology used, the data being managed, and the actionability of the reporting,” Aliotta told Hypepotamus. “We observed a large gap that still remained when it came to the technology used internally by banks to manage their strategy, make decisions, and convert data into meaningful insight.”
Quantalytix is designed to be a “single source of truth” for financial institutions and credit unions looking to use real-time data aggregation and analytics. Customers have access to its Enterprise Bank Management (EBM) and its newly-launched Loan Portfolio Management platform.
The goal is to transform data into actionable insights. “Data seemed to be ubiquitous within the organization but remained difficult to access and tie into a coherent narrative. Finally, that same data often led to reports that could easily show ‘matter of fact’ insight but would often fail to deliver actionable outcomes,” he added.
The team has grown to seven people, with the director of engineering Ryan Bui recently moving into the C-Suite as Quantalytix’s CTO.
Most employees are concentrated at the startup’s Birmingham HQ.
Staying in Birmingham has been strategic, said Aliotta.
“When we started the company in 2017, we had a long hard discussion about whether Birmingham was the right location for us. Ultimately, we decided it was due to the outstanding support of the community, the affordability, and the fact that we were accepted into the inaugural class of the Velocity Accelerator program hosted by Innovation Depot.
“Since our start we have seen many of these come true as well as exceed our expectations with the likes of winning Alabama Launchpad, the support and innovative thinking from Alabama Power, and the community’s ongoing support for the startup ecosystem.”
Birmingham’s Innovation Depot has been a springboard for many local tech companies across HealthTech, HRTech, payments, and consumer electronics space.
The team raised a $50,000 seed round from the Velocity Accelerator back in 2016, according to Crunchbase.