Fintech startup Upswing has raised $4.2 million in a pre-series-A round led by Quona Capital. Existing backer QED Investors also participated in the round, which brings its total funding to $8.2 million since inception.
The Pune-based startup had raised $4 million in $4 million (around Rs 30 crore) led by QED Investors in February 2022. The round also saw participation from Kunal Shah, Jitendra Gupta, Rajan Bajaj and Lalit Keshre, among others.
The fresh proceeds will be used to expand the reach of its multi-bank deposit product as well as help build new products around deposits and lending, according to an ET report.
Founded in 2021 by Anupam Bagchi and Nihar Gupta, Upswing’s banking-as-a-service stack aims to help companies launch new banking products in weeks. The platform is customisable, simple and modular and claims to reduce the integration efforts of consumer tech players to launch financial products like savings accounts, deposits and lending services.
Upswing’s low-code banking-as-a-service platform allows client companies to embed banking products and its multi-bank deposit stack is operational across multiple consumer platforms.