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.
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“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.”