WestBridge Leads USD 15 Mn Investment in Finfactor Existing investors Varanium Capital, DMI Sparkle Fund and IIFL Fintech Fund also participated.
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Finfactor, the parent company of Finvu Account Aggregator, has raised USD 15 million in its Series A funding round led by WestBridge Capital.
Existing investors Varanium Capital, DMI Sparkle Fund and IIFL Fintech Fund also participated. The Pune-based company had earlier secured USD 2.5 million in July 2022 from Varanium Nexgen Fund, IIFL and DMI Sparkle Fund.
According to the company, the fresh capital will be used to expand its product suite for financial institutions, strengthen its analytics capabilities and support its plan to become a full stack technology provider for banks and BFSI clients.
Finvu Account Aggregator was co-founded by Manoj Alandkar and Munish Bhatia. The platform enables secure data exchange for banks, insurers, stockbrokers and investment advisors. It claims to have served more than 50 million consumers.
Finfactor offers data analytics and artificial intelligence driven solutions, including a multi AA gateway, a bank statement analyser, loan monitoring tools, collections support and wealth management capabilities.
The company claims to cater to more than 150 BFSI clients such as HDFC Bank, Axis Bank, Motilal Oswal, Canara Bank and CRED. Its operations are supported by a team of more than 120 professionals.
WestBridge Capital has been an active investor in the fintech and enterprise technology space. It recently led a USD 40 million Series B round for credit infrastructure company FinBox. The firm has also backed UnifyApps, SpeakX and participated in a secondary transaction in Rapido to facilitate an investor exit.
