Mobileware Technologies, an API banking and digital payments startup, has raised $4.75 million in a new round led by Denmark-based Kvanto Payment Services.
The funding money will be used in the development of advanced product features for their hosted API Banking Platform as well as other banking-tech products. The company’s marketing and sales initiatives will also be expanded to increase its presence in the banking and payments sector in India and overseas, said Mobilware in a press release.
Founded by Amitabh Kanekar and Satyajit Kanerkar, Mobileware Technologies develops enterprise mobility solutions for its clients in the banking, insurance, and financial services domains.
The Maharashtra-based startup claims to have a global reach to over 400 banks using their payment gateway services. Its flagship product- TransXT – is an API Banking platform that extends a bank’s digital infrastructure/services to businesses as simple plugins. It gives single-point API access to banking products/services like Account Opening, Bill Payments, QR-Based Payments, Aadhaar Enabled Payments, Lending and Insurance.