(MENAFN- KNN India)
New Delhi, Aug 27 (KNN)
In a significant development for India's financial technology sector, Finarkein, a business-to-business software as a service company, has announced the successful completion of a USD 4.75 million pre-series A funding round.
The investment was led by Nexus Venture Partners, with participation from existing investors IIFL's Fintech Fund and Eximius Ventures, as well as individual investors including Nitin Gupta of Uni and Chirag Jain of Ashika Group.
Finarkein's platform specializes in data and workflow orchestration, enabling enterprises to develop data products utilising India's digital public infrastructure (DPI).
This includes integration with the account aggregator (AA) ecosystem and the Open Network for Digital Commerce's (ONDC) financial services.
Over the past 18 months, Finarkein has established itself as a leading facilitator for over 50 enterprises in the publication and consumption of data on DPIs.
The company's embedded data products have been utilised by more than 40 million Indians to securely grant consent and share data through licensed non-banking financial companies AAs.
Nikhil Kurhe, Co-Founder and CEO, Finarkein, commented on the unique approach of India's digital infrastructure, highlighting the direct value passed to end consumers.
He expressed enthusiasm about the company's role in scaling the account aggregator ecosystem and other DPIs.
Anand Datta, Partner, Nexus Venture Partners, emphasised their commitment to supporting category-defining companies, describing Finarkein as India's premier data and DPI infrastructure company.
Finarkein underscored the importance of expanding India's financial services sector to support the country's goal of becoming a USD 7 trillion economy by 2030.
The company believes that DPIs such as the account aggregator ecosystem, Unified Payments Interface, and ONDC will play a crucial role in making financial services more accessible and fostering innovation.
The genesis of Finarkein can be traced back to 2019, following the Reserve Bank of India's master circular on the account aggregator framework, which aimed to democratise access to financial data for regulated entities.
(KNN Bureau)
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