Upswing Nets $4.2 Mn To Build Products Across Deposits & Lending

Upswing Financial Technologies, an open finance B2B ecosystem enabler, has raised $4.2 Mn (around INR 35 Cr) as a part of its pre-Series A funding exercise led by venture capital firm Quona Capital, with participation from existing investor QED Investors.

The new round brings Upswing’s total fundraise to $8.2 Mn.

The Mumbai-based startup plans to deploy the fresh proceeds to expand the footprint of its multi-bank deposit product as well building new products in deposits and lending, ET reported, citing cofounder Anupam Bagchi. 

Upswing was founded by ex-bankers Bagchi and Nihar Gupta in 2021. Prior to Upswing, both were senior career bankers with institutions including Kotak, Axis, Standard Chartered and NPCI. They also helped build neobank Jupiter in their leadership roles.

The startup’s low-code banking-as-a-service platform enables clients to embed banking products. Besides, its multi-bank deposit stack is operational across multiple consumer platforms.

“This funding marks a pivotal moment towards our aim to become an ecosystem player providing consumer-centric solutions as well as the right compliance and security infrastructure while we enable companies to ubiquitously offer financial services,” Gupta said.

The startup secured $4 Mn funding in 2022 from QED Investors and a clutch of other fintech founders to help fintechs and consumer tech players offer financial services seamlessly.

The startup counts Kunal Shah of CRED, Jiten Gupta of Jupiter, Rajan Bajaj of slice and Lalit Keshre of Groww, among others, as its investors.  

Recently, in the fintech space, OneCard’s parent entity FPL Technologies has secured INR 120 Cr from Alteria Capital to scale up customer experience by developing innovative products. 

Also InCred became the second unicorn of 2023 by closing its Series D round led by Manipal Education and Medical Group’s Ranjan Pai. In the round, the unicorn secured $60 Mn to  shore up the startup’s three core business verticals – consumer loans, student loans, and MSME lending.

According to Inc42’s State Of Indian Fintech Report, Q3 2023, the Indian fintech sector has secured more than $27 Bn from 2014 to Q2 2023. The market size is expected to reach $2.1 Tn by 2030 at 18% CAGR. 

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