Finfactor Raises $15 Million in Series A for Finvu Account Aggregator
Finfactor, the parent company of Finvu Account Aggregator, has secured $15 million in its Series A funding round, led by WestBridge Capital. Other notable participants include existing investors Varanium Capital, DMI Sparkle Fund, and IIFL Fintech Fund. This Pune-based company had previously raised $2.5 million in July 2022 from notable investors like Varanium Nexgen Fund, IIFL, DMI Sparkle Fund, and others.
According to the company, the fresh capital will facilitate the expansion of its product offerings tailored for financial institutions, heighten its analytics capabilities, and propel its ambition of becoming a comprehensive technology provider for banks and BFSI clients.
Co-founded by Manoj Alandkar and Munish Bhatia, Finvu Account Aggregator supports secure data exchange for a range of stakeholders including banks, insurers, stockbrokers, investment advisors, and various other financial institutions. The company claims to have serviced over 50 million consumers.
Finfactor delivers data analytics and AI-driven solutions such as a multi-AA gateway, bank statement analysis, loan monitoring and collections tools, alongside wealth management features. It caters to more than 150 BFSI clients including HDFC Bank, Axis Bank, Motilal Oswal, Canara Bank, and CRED, backed by a workforce of over 120 professionals.
WestBridge recently led a $40 million Series B round for the credit infrastructure fintech FinBox. The firm has also supported enterprise AI platform UnifyApps, the edtech company SpeakX, and participated in a secondary transaction with Rapido to facilitate an exit for Swiggy.
