FINQY Secures $2 Million in Funding to Transform Financial Services Distribution
- ByStartupStory | August 7, 2024
FINQY®, a trailblazer in the distribution of financial products, has achieved a significant milestone by securing $2 million in funding. This funding underscores FINQY’s unwavering commitment to advancing financial services distribution in India through cutting-edge technology and strategic growth initiatives.
Founded in 2019 by Manish Aggarwal, a seasoned entrepreneur with over 25 years of BFSI sales experience, FINQY stands out with its unique approach of utilizing technology to empower sales professionals in the insurance, credit card, and loan sectors through its innovative B2B2C business model.
With the support of over 100 financial and banking partners, FINQY equips financial distributors with an advanced AI-powered tool, helping to streamline complex financial decisions across credit cards, insurance, and loans. This not only significantly enhances customer engagement but also facilitates informed decision-making, marking a significant industry shift.
FINQY achieved a revenue milestone of $9.8 million in FY24. With ambitious plans to expand its customer base and other sister product offerings, FINQY aims to consolidate its position as a leader in the Indian fintech ecosystem.
Manish Aggarwal, Founder and CEO of FINQY, expressed his enthusiasm, stating, “The confidence shown by investors and customers reaffirms our belief that we are on the right path to address key challenges in the financial market. In today’s information-rich environment, customers seek clarity amidst overwhelming and often inaccurate data. Our mission is to demystify financial services, making them accessible to everyone.
“I am excited that our efforts are making a positive impact, facilitated by technology that simplifies decision-making despite the myriad options available. Our vision is to revolutionize financial services distribution through cutting-edge technology and strategic partnerships. Looking ahead, we are committed to introducing additional tools that empower a wide spectrum of financial distributors and customers, aiming to simplify financial decisions and enhance accessibility.”
Over the next 3-5 years, FINQY aims to achieve unicorn status and solidify its position as India’s foremost aggregation platform for financial intermediaries. Central to this vision is the continuous product and offering enhancement and expansion of domestic and international market presence. FINQY is dedicated to transforming the BFSI landscape by integrating advanced technologies such as AI, machine learning, and data analytics into its platform.
FINQY’s forthcoming initiatives include developing Q™, a personal finance manager app, and Test My Card, a credit card-focused product. The company is also exploring entering the investment and wealth management solutions space, reinforcing its commitment to innovation and comprehensive financial services.
About FINQY
Established in 2019 by Manish Aggarwal, FINQY is dedicated to revolutionizing the BFSI (Banking, Financial Services, and Insurance) industry by delivering technology-driven, customer-first financial solutions. FINQY represents over 100 banks, NBFCs, financial institutions, and insurance companies. It operates out of 30 offices across 24 cities and 2 countries with a team of over 300 people. FINQY empowers its partners to offer a diverse range of financial products to their customers, including Credit Cards, Life & General Insurance, and Secured & Unsecured Loans such as Personal Loans, Home Loans, and Auto Loans.
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