Jofie Yordan · · 1 min readIndian banking-as-a-service firm bags $4.2m to expand deposit product
Upswing founders Nihur Gupta (left) and Anupam Bagchi / Photo credit: Upswing
As India moves to bring financial services to its large underbanked population, banking-as-a-service (BaaS) is on the rise. The country’s BaaS segment, which typically refers to solutions that provide banking products to fintech players and other third parties, was valued at US$14 billion in 2022.
Indian BaaS startup Upswing Financial Technologies has raised US$4.4 million in a pre-series A funding round led by Quona Capital. Global fund QED Investors also participated in the round.
Founded in 2021 by Anupam Bagchi and Nihur Gupta, Upswing is a BaaS platform that enables consumer companies to offer digital financial services to end-customers. The company said that its low-code BaaS product allows clients to embed banking products in days, much faster than traditional methods.
“The funding will fuel our journey in expanding the reach of our multibank deposit product and the vision of launching the next set of innovative products around deposits and lending,” said Bagchi in a statement.
Previously, the company secured a US$4 million seed round in December 2021.
Apart from Upswing, other startups in India’s BaaS space include Falcon, Mahila Money, Niyo, and Zolve.
Editing by Putra Muskita and Dhania Putri Sarahtika
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
