Finarkein, a pioneering data and workflow orchestration platform, has successfully raised $4.75 million in a pre-series A funding round led by Nexus Venture Partners.
The round also saw continued support from existing investors such as IIFL Fintech Fund and Eximius Ventures, as well as participation from notable angel investors like Nitin Gupta from Uni and Chirag Jain from Ashika Group.
Founded in 2019, Finarkein was founded with an objective to revolutionize the Indian financial services sector by leveraging emerging Digital Public Infrastructure (DPI) such as the Account Aggregator (AA) ecosystem, ONDC-Financial Services and OCEN.
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The company’s platform allows companies to co-create data products on top of these DPIs and in just 18 months has become a key enabler for over 50 companies publishing and using data.
Nikhil Kurhe, co-founder and CEO of Finalkane, said:, “India’s approach to digital infrastructure is unique, with a lot of value being passed directly to the end consumer. DPIs like account aggregators are only accelerating this and Finarkein is pleased to have been part of this movement from the beginning and to expand further.”
Finarkein’s trusted data products will play a key role in unlocking the full potential of DPI in India and beyond.”
Anand Dutta, partner at Nexus Venture Partners, says:, “I’ve been following the account aggregator space since very early on and came across Nikhil and the Finarkein team as the winner of the AA Hackathon in 2020. They’ve doubled down on the space ever since, and I’ve seen Finarkein singlehandedly scale the space and build a new category from the ground up.”
“At Nexus, we partner with extraordinary entrepreneurs to build category-defining companies. Finarkein is exactly that – India’s first and leading data and DPI infrastructure company.”
Over the last 18 months, over 40 million Indians have used Finarkein’s embedded data products to give their consent and securely share their data with licensed NBFC-AAs.
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