Finarkein is transforming the way financial products are manufactured, distributed and serviced in India
Finarkein, a B2B SaaS company, announced that it has raised $4.75 million in a pre-Series A round led by Nexus Venture Partners. Existing investors Fintech Fund and IIFL’s Eximius Ventures, as well as angel investors including Nitin Gupta of Uni and Chirag Jain of Ashika Group, also participated in the round.
Finarkein’s data and workflow orchestration platform enables companies to co-create data products on India’s emerging digital public infrastructure (DPI) such as the Account Aggregator (AA) ecosystem, ONDC-Financial Services, OCEN and more.
Over the past 18 months, Finarkein’s platform has become a leading enabler for more than 50 companies to publish and consume data on DPI, according to the company.
Nikhil Kurhe, Co-Founder and CEO, Finarkein, said, “India’s approach to digital infrastructure has been unique, with a significant amount of value transferred directly to end consumers. DPIs like the account aggregator are only accelerating this, and at Finarkein, we are happy to be a part of this movement from day one and scale it further.”
Finarkein is transforming the way financial products are manufactured, distributed and serviced in India. The country needs its financial services sector to grow exponentially to achieve a $7 trillion economy by 2030. DPIs such as the account aggregator ecosystem, UPI, ONDC and OCEN will be instrumental in reducing the costs of financial services in India while accelerating innovation and distribution. Finarkein’s vision is to enable every financial process in India to become an ML-native process within the next three years.
Anand Datta, Partner at Nexus Venture Partners, said, “At Nexus, we partner with extraordinary entrepreneurs to build category-defining companies, and at Finarkein, we see exactly that – India’s first and foremost data infrastructure and DPI company.”
Finarkein was conceived in 2019 as a response to the Reserve Bank of India (RBI) Master Circular outlining the account aggregator framework and how it would democratize access to financial data for regulated entities. India’s financial services ecosystem needs to be reinvented in a post-DPI world. To deliver a superior experience in accessing credit, insurance, and wealth advisory services, the founders envisioned a future where India has best-in-class digital financial products combined with strong privacy and security safeguards.
In the last 18 months, over 40 million Indians have leveraged Finarkein’s integrated data products to securely provide consent and share data through licensed NBFC-AAs.
Since its inception in 2019, Finarkein has been a category creator in the DPI infrastructure space, offering B2B SaaS and data products for the BFSI sector and powering data journeys for India’s largest enterprises. Finarkein’s data products are used for onboarding, financial and medical underwriting, tracking, collections and real-time insights generation.
First published: August 27, 2024 | 10:57 am IS
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