Upswing Monetary Applied sciences, an open finance B2B ecosystem enabler, has raised $4 million from marquee world fund QED Buyers and a clutch of famend fintech founders, the corporate has introduced.
QED is a fintech-focussed fund whose investments embody 25 unicorns globally together with Nubank, Credit score Karma and SoFi. It was co-founded by Nigel Morris, who beforehand co-founded Capital One.
Fintech founders corresponding to Kunal Shah of Cred; Jiten Gupta of Jupiter; Rajan Bajaj of Slice; Lalit Keshre of Groww; Anurag Sinha of One Card; Shivashish Chatterjee of DMI Finance, Kunal Bahl of Snapdeal, Sumit Gwalani and Sujith Narayanan of Epifi additionally participated within the spherical.
The spherical additionally witnessed participation from funds corresponding to Higher Capital, Amara VC, Multiply Ventures, Capier Investments and Utsav Somani from AngelList.
Upswing is based by ex-bankers Anupam Bagchi and Nihar Gupta.
The corporate will utlise the funding in constructing plug-and-play platforms for open finance and assist fintechs and shopper tech gamers supply monetary providers seamlessly, it mentioned.
It’s working with a couple of main banks on the stack which is able to go dwell in a phased method in 2022.
Anupam Bagchi, Co-Founder, Upswing mentioned, “On this decade of banking, customers will choose to entry their monetary providers from any digital interface, which can essentially not belong to a financial institution. Upswing’s open finance-as-a-service platform is extremely customisable, easy and modular and can considerably cut back the mixing efforts of shopper tech gamers to launch monetary merchandise like financial savings accounts, deposits and lending providers.”
“We’re thrilled to hitch Upswing on this journey,” added Sandeep Patil, Associate and Head of Asia at QED Buyers.
“Within the coming decade, shopper corporations will ubiquitously supply banking and monetary merchandise. Upswing shall be an important ecosystem participant offering consumer-centric options in addition to the appropriate compliance and safety infrastructure. Anupam and Nihar deliver deep sector expertise and complementary experience. Now we have little doubt that they may assemble an all-star crew to sort out this very important mission,” mentioned Patil.
“We really feel a deep understanding of the banking world is a prerequisite to make a nuanced open finance platform, mentioned Nihar Gupta, Co-Founder, Upswing.
He added, “Our intensive understanding of banking programs and fintech wants will assist us in constructing platforms, which is able to basically empower the monetary establishments with better attain. It would enable shopper tech gamers to supply differentiated monetary merchandise in a a lot shorter timeframe of weeks as a substitute of months, generally even years.”
Previous to Upswing, Anupam and Nihar have been senior profession bankers with establishments together with Kotak, Axis, Normal Chartered and NPCI. Additionally they beforehand held management roles in neobank Jupiter.
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February 28, 2022