Finfactor raises $15 Mn in Series A led by WestBridge Capital

Finfactor, the parent company of Finvu Account Aggregator, has raised $15 million in its Series A round led by WestBridge Capital, with participation from existing investors Varanium Capital, DMI Sparkle Fund and IIFL Fintech Fund.

The Pune based company had earlier raised $2.5 million in July 2022 from Varanium Nexgen Fund, IIFL, DMI Sparkle Fund and others.

According to the company, the new capital will be used to expand its product suite for financial institutions, enhance its analytics capabilities and advance its goal of becoming a full stack technology provider for banks and BFSI clients.

Co-founded by Manoj Alandkar and Munish Bhatia, Finvu Account Aggregator enables secure data exchange for banks, insurers, stockbrokers, investment advisors and other financial institutions, and claims to have served more than 50 million consumers.

Finfactor offers data analytics and artificial intelligence driven solutions such as a multi AA gateway, bank statement analyser, loan monitoring and collections tools and wealth management capabilities. It serves more than 150 BFSI clients including HDFC Bank, Axis Bank, Motilal Oswal, Canara Bank and CRED, supported by a team of more than 120 professionals.

WestBridge recently led the $40 million Series B round for credit infrastructure fintech FinBox. It has also backed enterprise AI platform UnifyApps, edtech firm SpeakX, and took part in a secondary transaction in Rapido to facilitate an exit for Swiggy.