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.
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.
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.