Finvu AA, an NBFC account aggregator service platform has raised $2.5 million in a seed funding round from Varanium Fund, IIFL, DMI Sparkle Fund, and M2P, among others.

The fresh funds will be used to expand the engineering and business development team and enhance its product offerings. 

Munish Bhatia and Manoj Alandkar, Founders of Finvu AA, said, “The future of financial services will dramatically change with the account aggregator (AA) ecosystem, and new use cases are being developed. Looking forward to the support from our investors who believe in this and our part of our journey.”

Since October 2021, the company has processed over 7,50,000 consent requests and executed over two million application programming interfaces (API) calls. With 15 more partners in the pipeline, the company is also looking at expanding its ecosystem to over a hundred partners over the next year.

Aparajit Bhandarkar, Partner at Varanium Capital, said, “Account Aggregator framework is the backbone of India’s data economy. It is analogous to UPI, which millions of people already use. While UPI facilitates the transfer of value, account aggregators facilitate the transfer of data with user consent. With the impetus provided by RBI and MeitY, this will be an integral part of embedded finance”.

According to the company, it has received the operating license from RBI and is currently the leading AA in the market. Finvu AA’s motive is to identify the massive need for an ecosystem that helps regulate companies and facilitate information sharing securely from the right source. In the coming months, the company plans to scale its offering and provide a better experience for its customers.

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