Funding Alert

Fintech startup Finvu AA raises $2.5 Mn in seed funding

• ByStartupStory     |    July 7, 2022

Consent-based account aggregator service platform Finvu AA has announced that it has raised $2.5 million in a seed funding round from Varanium Fund, IIFL, DMI Sparkle Fund, and M2P, among others, in an effort to make access to customer financial information for banking and financial services simpler. The additional funding will be utilised to grow the technical and business development teams and improve the company’s product line.

In a joint statement, Finvu AA founders Munish Bhatia and Manoj Alandkar stated, “With the AA ecosystem, financial services will undergo a significant transition, and new use cases are being created. Excited to have our investors’ backing, who have faith in this and our part of the adventure.”

Munish Bhatia, Manoj Alandkar, and Praveen Prabhu, ex-leaders of HSBC, formed the business in response to the enormous demand for an ecosystem that enables regulated organisations to permit information sharing securely from the appropriate source. The firm intends to grow its ecosystem to over 100 partners over the course of the following year with the addition of 15 additional partners in the pipeline. The firm intends to expand its product and give clients a better experience in the upcoming months.

Varanium Capital Partner, Aparajit Bhandarkar stated, “The foundation of India’s data economy is the Account Aggregator structure. It is comparable to UPI, which is already used by millions of people. While Account Aggregators permit the transmission of Data with user Consent, UPI facilitates the movement of Value. This will be a crucial component of embedded finance thanks to the encouragement from the RBI and MeitY. We are pleased to work with Finvu to further the business’s mission together.”

 

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