Fintech startup Finvu AA raises $ 2.5 million in start-up funding for expansion
The consent-based account aggregator service platform Finvu AA has announced that it has raised $ 2.5 million in a start-up round of funding from Varanium Fund, IIFL, DMI Sparkle Fund and M2P, among others. The fresh funds will be used to expand the team in engineering and business development and improve the product range.
Founded by former HSBC executives – Munish Bhatia, Manoj Alandkar and Praveen Prabhu – the company has since October 2021 processed over 750,000 consent requests and executed over two million API calls. With 15 more partners in the pipeline, the company is also looking to expand the ecosystem to over a hundred partners over the next year.
Commenting on the announcement, Munish Bhatia and Manoj Alandkar, founders, Finvu AA said in a joint statement: “The future of financial services will change dramatically with the AA ecosystem and new utility cases are being developed. Excited to get support from our investors as faith on this and our part of our journey. “
In the coming months, the company plans to scale the offer and provide a better experience for customers.
The Account Aggregator framework is the backbone of India’s data economy. It is analogous to UPI that millions of people already use. While UPI simplifies the transfer of value, Account Aggregators facilitates the transfer of data with user consent. With the impetus given by RBI and MeitY, this comes to to become an integral part of embedded finance.We are pleased to partner with Finvu and pursue the company’s vision together, said Aparajit Bhandarkar, partner at Varanium Capital.
Finvu-AA is among the first NBFC account aggregators in India to receive the operating license from RBI and is currently the leading AA on the market.
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