Finfactor, the parent entity of account aggregator Finvu, has raised $15 million in a funding round led by global investment major WestBridge Capital, with participation from existing investors Varanium Capital, DMI Sparkle Fund, and IIFL Fintech Fund.
Co-founded by ex-HSBC senior executives Manoj Alandkar and Munish Bhatia, Pune-based Finvu was one of the first account aggregators to be licensed by the RBI. The company says it has served over 50 million consumers, processing their financial data.
The company works with banks, insurers, stockbrokers, investment advisors, and other financial institutions to enable secure data flows through the AA network. In July 2024, Finvu onboarded Vamsi Madhav as its chief executive officer. Madhav was formerly the chief operating officer of Sahamati.
In a statement, the company said the capital will be used to build and scale products, enhance their analytics suite, and accelerate the company’s move to become a full stack technology provider for banks and BFSI clients.
Finfactor provides institutions with advanced data analytics and AI powered solutions, including a multi-AA gateway, bank statement analyser, loan monitoring, collections solutions, and wealth management capabilities. The company works with large financial institutions, including HDFC Bank, Axis Bank, Motilal Oswal, Canara Bank, and fintech startup Cred.
The company said that it will also invest in expanding the team, accelerate product development, and deepen its product range across lending and wealth management.
Madhav, CEO of Finvu, added: “The account aggregator framework completes the foundational digital stack of building blocks for identity, payments, and real-time consented data-sharing.’’
Co-founded by ex-HSBC senior executives Manoj Alandkar and Munish Bhatia, Pune-based Finvu was one of the first account aggregators to be licensed by the RBI. The company says it has served over 50 million consumers, processing their financial data.
The company works with banks, insurers, stockbrokers, investment advisors, and other financial institutions to enable secure data flows through the AA network. In July 2024, Finvu onboarded Vamsi Madhav as its chief executive officer. Madhav was formerly the chief operating officer of Sahamati.
In a statement, the company said the capital will be used to build and scale products, enhance their analytics suite, and accelerate the company’s move to become a full stack technology provider for banks and BFSI clients.
Finfactor provides institutions with advanced data analytics and AI powered solutions, including a multi-AA gateway, bank statement analyser, loan monitoring, collections solutions, and wealth management capabilities. The company works with large financial institutions, including HDFC Bank, Axis Bank, Motilal Oswal, Canara Bank, and fintech startup Cred.
The company said that it will also invest in expanding the team, accelerate product development, and deepen its product range across lending and wealth management.
Madhav, CEO of Finvu, added: “The account aggregator framework completes the foundational digital stack of building blocks for identity, payments, and real-time consented data-sharing.’’