B2B funding platform Upswing raises $4 million

Open B2B funding platform Upswing Financial Technologies has raised $4 million from global fund QED Investors.

As Entrepreneur reported on Monday, February 28, the company will use the funding to develop plug-and-play platforms for open finance and to help FinTechs and consumer tech players offer financial services. Upswing is working with banks on the stack, which is expected to go live this year in phases.

“In this decade of banking, consumers will choose to access their financial services from any digital interface, which will not necessarily belong to a bank,” said Anupam Bagchi, who co-founded Upswing. , based in Mumbai, with his ex-banker Nihar Gupta.

“Upswing’s open Funding-as-a-Service platform is highly customizable, simple, and modular and will significantly reduce onboarding efforts for consumer technology players to launch financial products such as savings accounts, deposits and lending services,” Bagchi said.

“Over the next decade, consumer companies will ubiquitously offer banking and financial products,” added Sandeep Patil, partner and head of QED’s Asia operations. “Upswing will be a critical player in the ecosystem providing consumer-centric solutions along with the right compliance and security infrastructure.”

Better Capital, Amara VC, Multiply Ventures, Capier Investments and AngelList’s Utsav Somani also joined the funding round.

QED, which previously invested in companies like Nubank, Credit Karma and SoFi, is focused on the fintech sector.

Read more: Indices provide framework for tracking connected economy, other macro investing themes

PYMNTS spoke with QED partner Amias Gerety earlier this month about the benefits of indexes, which he says offer investors a way to structure their thinking about the world through concurrent beliefs – the directions in which society is moving.

“An index allows you to link a long-term belief…to a group of companies that move with that theme,” he said. “It’s important for investors, but also for us, as observers of the economy, to understand what’s going on – and what the market thinks is going on.”

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NEW PYMNTS DATA: ACCOUNT OPENING AND LOAN SERVICE IN THE DIGITAL ENVIRONMENT

On: Forty-two percent of US consumers are more likely to open accounts with financial institutions that facilitate automatic sharing of their bank details upon sign-up. The PYMNTS study Account opening and loan management in the digital environmentsurveyed 2,300 consumers to explore how FIs can leverage open banking to engage customers and create a better account opening experience.

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