Fintech App Portabl Raises $2.5M to Help Consumers Securely Store Financial Data

Fintech Portabl announced the closing of a $2.5 million seed round recently led by Harlem Capital Partners.

Portabl, founded by Nate Soffio and Alex Yenkalov, also launches its beta today for institutional use.

It provides identity management and protection for financial services, banking and consumer apps, but Soffio calls it a financial digital passport, which helps with user identification, making the task less cumbersome for both consumers and financial services. He said the company’s goal is to wean people from passwords, helping consumers obtain more ownership over their economic data by granting control over who can access it.

The app works like this: Portabl stores the information used to access existing financial apps. Every time an app is opened, a Portabl log-in will appear and, within two clicks, simply enable users to log in.

“We recognize the fact that if you’re a consumer, having a say over who has access to your identity and financial life has been historically confusing and cumbersome — at worst, adversarial and exclusionary,” Soffio told TechCrunch. “We believe that by enabling consumers to own their data, securely hold it, and share it for access or updates, that’s the right way to make good on a lot of the promises you hear about in open banking.”

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