Finfactor, the parent entity of Finvu Account Aggregator, has raised 15 million dollars in its Series A round led by WestBridge Capital. Existing investors Varanium Capital, DMI Sparkle Fund and IIFL Fintech Fund also participated in the round.
The Pune headquartered company had earlier secured 2.5 million dollars in July 2022 from Varanium Nexgen Fund, IIFL, DMI Sparkle Fund and other investors. The latest infusion strengthens Finfactor’s plans to broaden its suite of technology solutions for banks and financial institutions and deepen its analytics capabilities. The company aims to position itself as a comprehensive technology partner for BFSI clients.
Finvu Account Aggregator, co founded by Manoj Alandkar and Munish Bhatia, facilitates secure and consent based data sharing for banks, insurers, brokers, investment advisors and a range of financial service providers. The platform claims to have supported more than 50 million consumers to date.
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Finfactor provides a wide range of data analytics and artificial intelligence powered tools that include a multi AA gateway, bank statement analysis, loan monitoring, collections automation and wealth management modules. The company works with more than 150 BFSI clients such as HDFC Bank, Axis Bank, Motilal Oswal, Canara Bank and CRED. Its operations are supported by a team of more than 120 professionals.
WestBridge Capital has been active in the fintech and enterprise tech ecosystem in recent months. The firm recently led a 40 million dollar Series B round for credit infrastructure startup FinBox and has also invested in companies such as enterprise AI platform UnifyApps and edtech firm SpeakX. It additionally participated in a secondary transaction in Rapido that facilitated an exit for Swiggy.
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