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Finarkein is transforming the way financial products are manufactured, distributed, and serviced in India
Finarkein, a B2B SaaS player, announced that it has raised $4.75 million in a pre-series A round led by Nexus Venture Partners. The round also saw participation from existing investors IIFL’s Fintech Fund and Eximius Ventures, as well as angels like Uni’s Nitin Gupta and Ashika Group’s Chirag Jain.
Finarkein’s data and workflow orchestration platform enables enterprises 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 last 18 months, Finarkein’s platform has emerged as a leading enabler for over 50 enterprises to publish and consume data on DPIs, according to the company.
Nikhil Kurhe, co-founder and CEO of Finarkein, said, “India’s approach to digital infrastructure has been unique, with a significant amount of value directly passed on to end consumers. DPIs like the account aggregator are only accelerating this, and at Finarkein, we’re glad to be part of this movement from day one and to 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 multifold to achieve a $7 trillion economy by 2030. DPIs like the account aggregator ecosystem, UPI, ONDC, and OCEN will be key to driving down the costs of financial services in India while accelerating innovation and distribution. Finarkein’s vision is to enable every financial journey in India to become an AA-native journey 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 in Finarkein, we see just that—India’s first and leading data and DPI infra company.”
Finarkein was conceptualised in 2019 in response to the Reserve Bank of India (RBI) Master Circular outlining the account aggregator framework and how it would democratise access to financial data for regulated entities. India’s financial services ecosystem must reinvent itself in a post-DPI world. To offer a superior experience in accessing credit, insurance, and wealth advisory services, the founders envisioned a future where India has best-in-class digital finance products combined with robust privacy and security safeguards.
Over the past 18 months, more than 40 million Indians have leveraged Finarkein’s embedded data products to securely grant consent and share data via licensed NBFC-AAs.
Since its inception in 2019, Finarkein has been a category creator in the DPI infra space, offering B2B SaaS and data products serving the BFSI sector, and powering data journeys for India’s largest enterprises. Finarkein’s data products are utilised for onboarding, financial and medical underwriting, monitoring, collections, and generating insights in real time.
First Published: Aug 27 2024 | 10:57 AM IST