Finvu AA Raises $2.5 Million Seed Fund
The fund raised will used to expand the team in engineering, business development and enhance its product offerings
Finvu AA, consent-based account aggregator service platform, has raised $2.5 million in Seed funding round from Varanium Fund, IIFL, DMI Sparkle Fund and M2P, among others. The fund raised will used to expand the team in engineering, business development and enhance its product offerings.
"The future of the financial services will dramatically change with AA ecosystem and new use cases are being developed. Excited to get support from our investors who believe in this and our part of the journey," said Munish Bhatia and Manoj Alandkar, founder, Finvu AA, in a joint statement.
Finvu AA is amongst the first NBFC account aggregator in India to have received the operational license from RBI. The company has processed over 750,000 consent requests and executed over two million API calls. With 15 more partners pipeline, the company is also looking at expanding their ecosystem to over a hundred partners over next year. It has also onboarded over 30 leading private and public sector banks, NBFCs, registered investment advisor and financial information user, claimed by the company in a statement.
"Account aggregator framework is the backbone of India's data economy. It is analogous to UPI which millions of people already use. While UPI facilitates the transfer of value, account aggregators facilitate the transfer of data with user consent. With impetus provided by RBI and MeitY, this is going to be an integral part of embedded finance. We are happy to partner with Finvu and drive the company's vision together," said Aparajit Bhandarkar, partner, Varanium Capital.