Embedded finance start-up Falcon is eyeing revenues of $30 million and total payments value of $2.5 billion-plus by March 2023, as part of its attempts to become the defacto embedded finance platform in the Asia Pacific, Middle East and Africa (APMEA) region.
Co-founded by Prabhtej Singh Bhatia, entrepreneur and the youngest board member of Board of Cricket Control of India, and Priyanka Kanwar, a Fintech leader, Falcon is backed by global and Indian investors, including founders and executives from SoftBank, Morgan Stanley, Five Star Finance, Licious, UAE Sovereign Wealth Fund, Sila Money, Affirm, Facebook, Lithic, Silicon Valley Bank, among others.
Embedded finance is increasingly becoming commonplace as companies want to overcome the challenges of integrating with multiple banks and legacy systems, which takes an average of 9-12 months, and costs millions of dollars. Falcon helps fintechs, startups, and BFSI companies to launch the innovative financial products.
Falcon offers a combination of developer-first APIs and no-code solutions built on a highly flexible and scalable modular architecture.
Falcon Co-founder Prabhtej Bhatia said, “We have scaled over $200M in total payments value without any institutional round, despite inbound interest. We have partnerships in place to get to a scale of $2.5B within 12 months. Falcon aims to become the de facto embedded finance platform for the Asia Pacific, Middle East and Africa (APMEA) region, targeting $30B in total payments value. The early interest from global investors is a telling sign of the massive disruption that embedded finance will bring in the next 24 months.”
Falcon has partnerships with Visa, National Payments Corporation of India (NPCI), global processors, ICICI Bank, Yes Bank, among others.
Priyanka Kanwar, co-founder said: “Businesses want to offer cutting-edge financial solutions, such as Just-in-Time Loans and BNPL or new-age credit cards, which gives them access to more granular data, customer stickiness, and expanded revenue streams. But the go-live journey is not straightforward or bottom line-friendly. While there are some solutions in the market, we believe we are the only ones in India with an agnostic full-stack issuance platform that addresses these urgent and unmet needs. Having collaborated with the largest commercial banks and businesses to build a solution from the ground up, we are now ready to scale rapidly.”
Backed by the switch, processor, and financial instrument-agnostic technology, Falcon supports financial transactions across credit cards, prepaid cards, cardless payments, UPI, BNPL, and FASTag. It is the only technology company in the embedded finance space with lending and issuance licenses in India.
Falcon generates revenue through monetisation of every transaction processed, including interchange and platform fees.