The Mumbai-based startup, Upswing raised USD 4 million on February 28, 2022. The Fintech platform is open finance, B2B ecosystem enabler. Upswing raised the funding from QED Investors. Renowned fintech founders like Kunal Shah (Cred), Jitendra Gupta (Jupiter), Rajan Bajaj (Slice), Lalit Keshre (Groww) and other leading investors also participated in the round.
Better Capital, Amara VC, Multiply Ventures, Capier Investments, Utsav Somani from AngelList invested in the fintech platform.
The utilisation of the funds
Upswing plans to use the funds for developing plug and play platforms for open finance. They will also offer seamless financial services to fintech and consumer-tech players.
The firm is working with a few leading banks on the stack, which will go live over the course of this year in phases.
What the co-founders of Upswing have to say-
Commenting on Upswing and its services, Anupam Bagchi, co-founder of Upswing, said, “Upswing’s open finance-as-a-service platform is highly customizable, simple and modular and will significantly reduce the integration efforts of consumer tech players to launch financial products like savings accounts, deposits and lending services.”
Bagchi further shared details about consumer-centric financial services in the banking sector.
“In this decade of banking, consumers will opt to access their financial services from any digital interface, which may necessarily not belong to a bank. Upswing’s open finance-as-a-service platform is highly customizable, simple and modular and will significantly reduce the integration efforts of consumer tech players to launch financial products like savings accounts, deposits and lending services,” he said.
What the investors have to say-
Sandeep Patil, Partner and Head of Asia at QED Investors, said, “We are thrilled to join Upswing on this journey. In the coming decade, consumer companies will ubiquitously offer banking and financial products. Upswing will be a vital ecosystem player providing consumer-centric solutions as well as the right compliance and security infrastructure.
Anupam and Nihar bring deep sector experience and complementary expertise. We have no doubt that they will assemble an all-star team to tackle this vital mission.”
About Upswing
Ex-bankers Anupam Bagchi and Nihar Gupta brought Upswing into existence in 2021. Its banking-as-a-service stack aims to help companies to launch new banking products in weeks.
The platform is simple, modular and highly customizable. Further, it will considerably reduce the integration efforts of consumer tech players to launch financial products such as saving accounts, deposits and lending services.
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