In a bid to simplify access to customer financial information for banking and financial services, consent based account aggregator service platform Finvu AA has announced that it has raised USD$2.5 million in a seed funding round from Varanium Fund, IIFL, DMI Sparkle Fund and M2P, amongst others. The fresh funds will be used to expand the team in engineering, business development and enhance its product offerings.
Identifying the massive need for an ecosystem that helps regulated companies facilitate information sharing securely from the right source, the company was founded by ex-HSBC leaders - Munish Bhatia, Manoj Alandkar, Praveen Prabhu, to help solve these challenges at scale. Since October 2021, the company has 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 at expanding their ecosystem to over a hundred partners over 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 dramatically change with the AA ecosystem and new use cases are being developed. Excited to get support from our investors who believe in this and our part of our journey,"
In the coming months, the company plans to scale their offering and provide a better experience for their customers.
"Account Aggregator framework is the backbone of India’s Data Economy. It is analogous to UPI which millions of people already use. While UPI facilitates the transfer of value, Account Aggregators facilitate the transfer of Data with user Consent. With impetus provided by RBI and MeitY, this is going to be integral part of embedded finance. We are happy to partner with Finvu and drive the company’s vision together.” said Aparajit Bhandarkar, Partner at Varanium Capital.
Finvu-AA is amongst the first NBFC-Account Aggregator in India to have received the operational license from RBI and is currently the leading AA in the market.