India-based Banking as a Service (BaaS) platform, Build has secured $2 Million in pre-series A round funding led by Germany-based Picus Capital, in participation from Mankekar Family Office.
The startup is also backed by a clutch of angel investors like Ranjeet Singh (co-founder – Pratilipi), Kunal Sharma (ex-Freecharge), Nitin Agarwal (Founder – B21), Aniruddha Patwardhan (Phonepe – Engineering Head), and from Kedar Swadi (Phonepe – Data Science Head).
Buildd’s simple, modern APIs are designed for founders, developers, and product managers to build and ship complex financial products in no time.
The new-age startup has already launched its first set of bundled credit+API-based solutions in partnership with multiple banking and NBFC players, and will now kick-start product expansion in the buy-now-pay-later (BNPL) and card domains, as well as strengthen its tech team by adding 50 full-stack engineers to the rapidly growing Pune based team.
Commenting on the funding round, Sachin Gaikwad, Founder & CEO, of Buildd said, “We are excited to partner with our investors who have deep experience in the financial infrastructure and tooling space and share our belief in the future of API-driven banking. Our team is a heady mix of seasoned fintech experts & bankers, who have worked together for multiple years across startups, and whose insights over the past 15 years in banking and fintech have helped us create a plug-and-play microservices architecture for the entire banking stack, giving it strength of compliance, flexible workflows, and scalability.
“The Indian FinTech market is well equipped to deliver embedded finance infrastructure given the foundation laid new-age solutions such as IndiaStack – particularly eKYC, Open Credit Enablement Network (OCEN), and Account Aggregator (AA). This has enabled us to leapfrog sophisticated markets like the USA, and Singapore as well as innovation hubs of FinTech such as LatAm on multiple occasions. Buildd will serve as a bridge between complex engineering/product rails on one hand and customer experience innovation on the other, and serve this rising tide of financialization of commerce, logistics, and more,” he added.
Further talking about the investment in Buildd, Florian Reichert, Partner at Picus Capital said, “One of our core hypotheses for the Indian market is increasing penetration of financial services, hence we are excited to partner with Buildd on their mission of becoming the leading Banking-as-a-Service provider in the region. We believe that their banking domain expertise and fintech experience will enable them to build a superior product to deliver the underlying infrastructure for fintech innovation as well as embedded financial services.”