Finarkein Analytics raises $4.75M in Pre-Series A round led by Nexus Venture Partners
Pune, 27 August 2024: Finarkein has raised $4.75M in a Pre-Series A round led by Nexus Venture Partners. The round also saw participation from existing investors IIFL’s Fintech Fund and Eximius Ventures, and angels like Uni’s Nitin Gupta and Ashika Group’s Chirag Jain.
Finarkein’s data and workflow orchestration platform allows enterprises to co-create data products on India’s emerging digital public infrastructure (DPI) like the account aggregator (AA) ecosystem, ONDC-Financial Services, OCEN and more. Over the last 18 months, Finarkein’s platform has emerged as the leading enabler for over 50 enterprises to publish and consume data on DPIs.
Nikhil Kurhe, Co-founder & CEO, Finarkein says, “India’s approach to digital infrastructure has been unique wherein a lot of value is directly passed onto end consumers. DPIs like the account aggregator are only accelerating this, and at Finarkein we’re glad to be a part of this movement from day zero and scale it further. Finarkein’s trusted data products will play a significant role in unleashing the potential of DPIs in India and beyond.”
Finarkein is changing the way financial products are manufactured, distributed and serviced in India. India needs its financial services sector to grow multifold to become a $7 Trillion economy by 2030. DPIs like the account aggregator ecosystem, UPI, ONDC & OCEN will be key to driving down costs of financial services in India while accelerating innovation and distribution. Their vision is to enable every financial journey in India to become an AA-native journey in the next 3 years.
Anand Datta, Partner, Nexus Venture Partners says, “I have been following the account aggregator space fairly early and came across Nikhil and team Finarkein as winners of the AA hackathon back in 2020. They have only since doubled down on the space, and we have seen Finarkein single-handedly scale this vertical and build a new category from the ground up. At Nexus, we partner with extraordinary entrepreneurs to build category defining companies, and in Finarkein, we see just that, India’s first and leading data and DPI infra company.”
Finarkein was conceptualized in 2019 in response to the RBI Master circular outlining the account aggregator framework and how it would democratize access to financial data for regulated entities. India’s financial services ecosystem has to reinvent itself in a post DPI world. In order to offer a superior experience when it came to accessing credit, insurance and wealth advisory in the country, the founders imagined a future where India has the best-in-class digital finance products combined with privacy and security guardrails.
Being a part of multiple teams that have built India’s DPIs at conceptual stages, combined with domain expertise of building highly performant scalable data platforms, has allowed Finarkein to take a market leading position, driving over half of all pan India AA volumes today. Finarkein has been in the forefront by providing foundational infrastructure for the AA ecosystem with their industry-first multi-AA SmartSwitch®. Over the past 18 months, over 40 million Indians have leveraged Finarkein’s embedded data products to securely grant consent and share data via licensed NBFC-AAs.
