Upswing Financial Technologies raises Rs 30 cr in funding from QED Investors, others

Upswing Financial Technologies on Monday said it has raised USD 4 million (about Rs 30 crore) from marquee global fund QED Investors and a clutch of fintech founders.

The startup plans to use the fund in building plug-and-play platforms for open finance and help fintechs and consumer tech players offer financial services seamlessly.

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"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 will reduce the integration efforts of consumer tech players to launch financial products like savings accounts, deposits and lending services," Upswing co-founder Anupam Bagchi said in a statement.

The company is working with a few leading banks on the stack which will go live in a phased manner in 2022, it said.

Fintech founders like Kunal Shah of Cred, Jiten Gupta of Jupiter, Rajan Bajaj of Slice, Lalit Keshre of Groww, Anurag Sinha of One Card, Shivashish Chatterjee of DMI Finance, Kunal Bahl of Snapdeal, Sumit Gwalani and Sujith Narayanan of Epifi also participated in the round.

The funding round also saw participation from funds like Better Capital, Amara VC, Multiply Ventures, Capier Investments etc, the statement said.