Open finance startup Upswing draws $4 Mn from QED Investors

Date:

Trending

Upswing Financial Technologies, an open finance B2B ecosystem enabler has raised $4 million from QED Investors and Better Capital, Amara VC, Multiply Ventures, Capier Investments, Utsav Somani from AngelList.

- Advertisement -

The round also saw involvement from Angel Investors like Kunal Shah ( Founder) Cred; Jiten Gupta (Founder of Jupiter); Rajan Bajaj (Founder of Slice); Lalit Keshre of (Founder of Groww); Anurag Sinha (Founder of One Card); Shivashish Chatterjee (Founder of DMI Finance), Kunal Bahl (Founder of Snapdeal), and from Sumit Gwalani and Sujith Narayanan (Co-Founder of Epifi).

QED, a fintech-focused fund whose investments feature 25 unicorns globally including Nubank, Credit Karma, and SoFi, was co-founded by Nigel Morris, who previously co-founded Capital One.

- Advertisement -

The funding will be used by Upswing in building plug-and-play platforms for open finance and help fintech and consumer tech players offer financial services seamlessly. The company is working with a few leading banks on the stack which will go live in a phased manner in 2022. 

Speaking on the investment, Anupam Bagchi, Co-Founder, Upswing said, “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 customizable, 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.”

“Our extensive understanding of banking systems and fintech needs will help us in building platforms, which will essentially empower the financial institutions with greater reach. It will allow consumer tech players to offer differentiated financial products in a much shorter time frame of weeks instead of months, sometimes even years,” Nihar Gupta, Co-Founder, Upswing added.

Commenting on the investment, Sandeep Patil, Partner and Head of Asia at QED Investors said, “We are thrilled to join Upswing on this journey. In the coming decade, consumer companies will ubiquitously offer banking and financial products. Upswing will be a vital ecosystem player providing consumer-centric solutions as well as the right compliance and security infrastructure. Anupam and Nihar bring deep sector experience and complementary expertise. We do not doubt that they will assemble an all-star team to tackle this vital mission.”

Before Upswing, Anupam and Nihar were senior career bankers with institutions including Kotak, Axis, Standard Chartered, and NPCI. They also helped build neobank Jupiter in their leadership roles.

THE SNAPSHOTS

Sign up to get quick snaps of everyday happening, directly in your inbox.

We don’t spam! Read our privacy policy for more info.

- Advertisement -

Support our independent journalism PayPal (Outside India) For PayU (For Indian Readers).

Krishna Mali
Krishna Mali
Founder & Group Editor of TechGraph.

More Latest Stories

More Articles

How a Money Back Policy Can Be a Smart Financial Choice?

Creating financial security involves strategic planning because investment decisions form one of the essential elements. A money-back policy distributes regular payment distributions to policyholders...

“We Are Not America”: Canada’s New PM Mark Carney On Trump’s Comment On Making it 51st state

In his first public remarks, Canada's New Prime Minister, Mark Carney, reaffirmed Canada's independence and firmly rejected any notion that the country could ever become part of the United States. Carney’s comments came in response to a journalist’s question about whether he would seek...

US President Trump Presses NATO on Greenland Annexation Plans

During a meeting with NATO Secretary-General Mark Rutte on Thursday, US President Donald Trump...

UK PM Kier Starmer Abolishes NHS England To Bring Health Services Under Govt Control

British Prime Minister Keir Starmer has announced plans to abolish NHS England and bring...

The Role of Edge Computing in AI-Powered Cloud Solutions

With businesses including artificial intelligence (AI) in their operations, cloud computing has grown in...

From Startup to Success: Essential Steps for Landscaping Entrepreneurs

Starting a landscaping business is so exciting, blending creativity with the reward of transforming...

Trump Defends Elon Musk Plan for Federal Job Cuts; Govt Spending ‘Bloated’

Following a meeting with Elon Musk and senior cabinet members, U.S. President Donald Trump...

Trade War: Canadian PM Justin Trudeau Announces 25% Tariffs On US Imports

Ottawa: Canadian Prime Minister Justin Trudeau on Wednesday announced a 25% tariff on U.S....
00:01:09

VIDEO: US President Donald Trump Calls NBC A ‘Worst Network’ On Television

During a press meeting at the Oval Office on Wednesday, US President Donald Trump criticized a reporter by calling NBC the 'worst network' on...

RP-Sanjiv Goenka’s Firstsource Opens ANZ HQ and AI Lab in Melbourne

Firstsource Solutions Limited (NSE: FSL, BSE:532809), an RP-Sanjiv Goenka Group company, today announced the...

Meta CPO Chris Cox Sells Shares Worth $8.3 Mn

Meta Platforms (NASDAQ: META) Chief Product Officer Christopher Cox sold 13,556 shares of the...

Life Insurance Death Benefit Payouts: What Your Family Needs to Know

It is important to know more about life insurance policies and their operational modalities....

Personal branding: designing logos for influencers and creators

In today’s digital landscape, personal branding has become more than just a buzzword; it’s...

Demand for plumbers in Oman: which specialists are most in demand?

The demand for skilled plumbers in Oman is steadily increasing due to the country's rapid urbanisation, large-scale infrastructure projects and the ongoing development of...

Meta Executive Chris Cox to Sell $13.5 Million in Shares

Meta Platforms (NASDAQ: META) Chief Product Officer Christopher Cox has filed to sell 20,000 Class A shares worth approximately $13.55 million, according to a U.S. securities filing. The sale, scheduled for February 27, will be conducted through Charles Schwab & Co. Inc. under a Rule...

Logistic Startup Picckup Secures $500K in Seed Funding to Expand Electric Fleet

A Mohali-based mid-mile and last-mile logistic startup, Picckup, on Thursday, raised $500K in series...

Empowering Communities with Water Tech

This is a major problem worldwide; it affects billions of people in homes, villages,...

Pakistan Begins Rice Exports to Bangladesh Under New Government Deal

Bangladesh and Pakistan have resumed direct trade for the first time since 1971. The...

Beyond Firewalls: How Threat Intelligence Platforms Are Transforming Cybersecurity Operations

“Cybersecurity isn't just about building walls—it’s about seeing the enemy before they strike.” In...

Leveraging AI and Modern HR Solutions to Transform Recruitment Strategies for Skilled Workers

In today’s competitive job market, recruitment strategies are rapidly evolving, driven by advancements in...

BC Originals: Exclusive Casino Games on BC.Game

BC Originals are special, exclusive casino games that are just for BC.Game players. All...

Onlygood AI CEO Rajeev Sinha on Future of AI-Driven ESG Data and Supply Chain Transparency

Speaking to TechGraph, Rajeev Sinha, CEO & Co-founder of Onlygood.ai, shares insights on how...

Vishal Puri On Spalba’s Tech-Driven Approach To Venue Booking & Planning

Speaking to TechGraph, Vishal Puri, Co-Founder of Spalba, explains how its platform uses technologies...

Choosing the Right Tax Consultant: A Guide for Businesses and Individuals

For both individuals and businesses, tax planning and compliance are crucial aspects of financial...

Life Insurance Death Benefit Payouts: What Your Family Needs to Know

It is important to know more about life insurance policies and their operational modalities....

IIT Madras and SPF Partners to Enhance Policy Framework for Indian Startups

Indian Institute of Technology Madras (IIT Madras) has entered into a Memorandum of Understanding...

Sachin Tendulkar Backed RRP Electronics Partners with Deca Technologies To Enhance Semiconductor Packaging

Cricketing legend Sachin Tendulkar-backed semiconductor manufacturer RRP Electronics has signed a strategic partnership with...

Microsoft Makes Equity Investment in Veeam

American tech giant Microsoft has made an equity investment in Veeam Software to develop...

Adani Wilmar Gets Shareholders’ Approval to Rebrand as AWL Agri Business Limited

Stock exchange-listed Adani Wilmar Limited announced on Tuesday that it has received approval from...

Personal branding: designing logos for influencers and creators

In today’s digital landscape, personal branding has become more than just a buzzword; it’s...

Vishal Puri On Spalba’s Tech-Driven Approach To Venue Booking & Planning

Speaking to TechGraph, Vishal Puri, Co-Founder of Spalba, explains how its platform uses technologies...

INTERVIEW: ADDA’s Krishanu Mukherjee on Transforming Gated Communities

In an interview with TechGraph, Krishanu Mukherjee, AVP of Growth at ADDA.io, explained how...

Choosing the Right Tax Consultant: A Guide for Businesses and Individuals

For both individuals and businesses, tax planning and compliance are crucial aspects of financial...