Upswing Financial Technologies, an open finance B2B ecosystem enabler, has raised $4 million from marquee global fund QED Investors and a clutch of renowned fintech founders, the company has announced.
QED is a fintech-focussed fund whose investments include 25 unicorns globally including Nubank, Credit Karma and SoFi. It was co-founded by Nigel Morris, who previously co-founded Capital One.
Fintech founders such as 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 also participated in the round.
The round also witnessed participation from funds such as Better Capital, Amara VC, Multiply Ventures, Capier Investments and Utsav Somani from AngelList.
Upswing is founded by ex-bankers Anupam Bagchi and Nihar Gupta.
The company will utlise the funding in building plug-and-play platforms for open finance and help fintechs and consumer tech players offer financial services seamlessly, it said.
It is working with a few leading banks on the stack which will go live in a phased manner in 2022.
Anupam Bagchi, Co-Founder, Upswing said, “In this decade of banking, consumers will opt to access their financial services from any digital interface, which may necessarily not belong to a bank. Upswing’s open finance-as-a-service platform is highly customisable, simple and modular and will significantly reduce the integration efforts of consumer tech players to launch financial products like savings accounts, deposits and lending services.”
“We are thrilled to join Upswing on this journey,” added Sandeep Patil, Partner and Head of Asia at QED Investors.
“In the coming decade, consumer companies will ubiquitously offer banking and financial products. Upswing will be a vital ecosystem player providing consumer-centric solutions as well as the right compliance and security infrastructure. Anupam and Nihar bring deep sector experience and complementary expertise. We have no doubt that they will assemble an all-star team to tackle this vital mission,” said Patil.
“We feel a deep understanding of the banking world is a prerequisite to make a nuanced open finance platform, said Nihar Gupta, Co-Founder, Upswing.
He added, “Our extensive understanding of banking systems and fintech needs will help us in building platforms, which will essentially empower the financial institutions with greater reach. It will allow consumer tech players to offer differentiated financial products in a much shorter timeframe of weeks instead of months, sometimes even years.”
Prior to Upswing, Anupam and Nihar were senior career bankers with institutions including Kotak, Axis, Standard Chartered and NPCI. They also previously held leadership roles in neobank Jupiter.
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