Upswing Financial Technologies, which runs the open finance platform Upswing, on Monday said it has raised a funding of $4 million (around Rs 30 crore) led by QED Investors.
The round also saw participation from Kunal Shah (Founder of Cred), Jiten Gupta (Founder and CEO of Jupiter), Rajan Bajaj (Founder and CEO of Slice) and Lalit Keshre (Co-Founder and CEO of Groww), among others.
The startup plans to use the fresh capital in building plug-and-play platforms for open finance and help fintech and consumer tech companies offer financial services seamlessly.
Founded in 2021 by ex-bankers Anupam Bagchi and Nihar Gupta, Upswing's banking-as-a-service stack aims to help companies launch new banking products in weeks.
“In this decade of banking, consumers will opt to access their financial services from any digital interface, which may necessarily not belong to a bank. Upswing’s open finance-as-a-service platform is highly customisable, simple and modular and will significantly reduce the integration efforts of consumer tech players to launch financial products like savings accounts, deposits and lending services," said Bagchi.
The platform also said it is working with a few leading banks on the stack which will go live in a phased manner this year.
