With participation from current investors Varanium Capital, DMI Sparkle Fund, and IIFL Fintech Fund, Finfactor, the parent company of Finvu Account Aggregator, has secured $15 million in its Series A round led by WestBridge Capital.
Key Highlights
- Finfactor secured $15 million in Series A funding, with WestBridge Capital leading the major investment round.
- The new capital will support Finfactor’s expansion, technology upgrades, and strengthening of its fintech lending platform.
The Pune-based business had previously raised $2.5 million in July 2022 from a number of sources, including IIFL, DMI Sparkle Fund, and Varanium Nexgen Fund.
The company claims that the additional funding would be utilized to improve its analytics capabilities, broaden its range of financial institution products, and further its objective of becoming a complete stack technology provider for banks and BFSI clients.
Finvu Account Aggregator, which was co-founded by Manoj Alandkar and Munish Bhatia, claims to have served over 50 million customers and facilitates safe data interchange for banks, insurers, stockbrokers, investment advisors, and other financial institutions.
Also Read: Indian Startup Funding Falls to $969M in Nov Despite Strong IPO Surge
Finfactor offers data analytics and artificial intelligence based products such as a multi AA gateway, bank statement analyser, loan monitoring and collections tools and wealth management capabilities. It supports more than 150 BFSI clients like HDFC Bank, Axis Bank, Motilal Oswal, Canara Bank and CRED, supported by a team of more than 120 specialists.
WestBridge has led the $40 million Series B investment for credit infrastructure startup FinBox. It has also financed enterprise AI platform UnifyApps, edtech startup SpeakX, and took part in a secondary deal in Rapido to aid an exit for Swiggy.
