Fintech has remained one of the hottest startup sectors in the last couple of years and is estimated to hit $200 billion in revenue by 2030. Within the fintech space, investment has emerged as an attractive proposition.
While there are a bunch of solutions available to embed fintech layers such as Finbox and CCAvenue, there aren’t many options that would ease the deployment of investment-focused products. Ahmedabad-based fintech firm Tarrakki is trying to bridge this gap through its platform, which essentially allows anyone to launch investment products.
Tarrakki can be best described as “an embedded finance company which provides infrastructure stack for investment products,” founder Saumya Shah told Entrackr.
The company provides a mutual funds stack that is live on the platform and can be deployed by firms. The company is also working on a new fixed deposits stack. Shah said the objective is to help its partners do away with the need for reaching out to different NBFCs or banks when they want to launch FD services on their platforms.
Shah added that his company allows a business to embed investment products in less than three weeks, which otherwise would have taken up somewhere between nine to 12 months. He said the reduction in time for deployment has also helped save on costs.
Tarrakki further has a few other ready-to-deploy APIs for purposes like KYC for onboarding new customers, fund details, and transactions.
Shah disclosed that Tarrakki facilitated transactions worth Rs 275 crores in 2022.
“We have four live partners at the moment, and another six are in the sandbox that are currently working to deploy Tarrakki to their platforms,” Shah added.
On competition from other embedded finance firms, the founder said that the company’s core differentiator is the infra stack, which is based on several integrations. For instance, Tarrakki works with all the top asset management firms. He stressed that Tarrakki’s solutions can be used by individuals as well as corporate treasuries and minors.
Founded in 2019, Afthonia-incubated Tarrakki has raised Rs 2.75 crore in angel funding so far. Shah said the company would be looking to raise the first institutional round sometime this year, though the company has not yet finalized the amount it aims to raise.
The future roadmap of Tarrakki includes the roll-out of fixed deposits stack, digital gold, and any other possible investment avenues.