Finvu AA, a NBFC account aggregator startup, has raised $2.5 million in its seed funding round from Varanium Fund, IIFL, DMI Sparkle Fund and M2P.
The startup plans to use the funds to strengthen its engineering and business development teams and broaden the product offering.
The Pune-based Finvu AA was founded in 2017 by Munish Bhatia, Manoj Alandkar and Praveen Prabhu, It is an RBI-licensed NBFC account aggregator fintech startup that facilitates secure users’ data shared between financial institutions. Once user consents to the sharing of their financial information, their platform’s app encrypts that data when transferring it from one financial institution to another.
The startup also helps financial institutions build online financial solutions to collaborate on the account aggregator (AA) ecosystem and streamline customer experiences.
Commenting on the funding, Munish Bhatia and Manoj Alandkar, cofounders of Finvu AA, said, “The future of financial services will dramatically change with the AA ecosystem and new use cases are being developed. Excited to get support from our investors who believe in this and our part of our journey.”
The company claims to have processed over 750,000 consent requests and made over 2 million API calls to date. Its AA ecosystem partners are Axis Bank, Federal Bank, HDFC Bank, ICICI Bank, IndusInd Bank, IDFC First Bank, Kotak Mahindra Bank and DMI Finance, among others.
The fintech startup has 15 more partners in the pipeline and plans to expand the AA ecosystem by adding more than 100 partners over the next year.
The company competes in AA ecosystem with other authorised account aggregators such as CAMS FinServ, FinSec AA Solutions and National E-Governance Services Data.
About Finvu AA
Fintech company based out of Pune, India and currently building products in the financial account aggregation space.