Finarkein a data products company, has raised $4.75 million of funding in its pre-Series A round led by Nexus Venture Partners, according to a press release today, August 27.

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The fresh funding round also saw participation from existing investors such as IIFL’s Fintech Fund and Eximius Ventures, and angel investors like Uni’s Nitin Gupta and Ashika Group’s Chirag Jain, the company said.

Finarkein Analytics, headquartered in Pune, was started in 2019 and offers B2B SaaS and data products serving the BFSI sector.

Commenting on the investment, Anand Datta, partner at Nexus Venture Partners said, “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’s data and workflow orchestration platform enables enterprises to co-create data products on India’s emerging digital public infrastructure (DPI) like the account aggregator (AA) ecosystem, ONDCFinancial Services, OCEN, and more according to the company. Additionally, the data products designed by Finarkein are utilized for onboarding, financial and medical underwriting, monitoring, collections, and generating insights in real-time.

Finarkein aims to change the way financial products are manufactured, distributed, and serviced in India, their vision is to enable every financial journey in India to become an AA-native journey in the next 3 years. India’s financial services ecosystem has to reinvent itself in a post-DPI world says the company founders. 

Commenting on the fundraise, Nikhil Kurhe, co-founder & CEO, of 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.”