Banking infrastructure startup Knight Fintech raises $23.6 million from Accel, IIFL, others

Mumbai-based banking infrastructure startup Knight Fintech has raised $23.6 million in a funding round led by Accel, with participation from IIFL and Rocket Capital.

Existing investors Prime Venture Partners, 3One4 Capital, Commerce VC and Trifecta Capital also took part.

Founded in 2019, Knight Fintech builds core infrastructure that connects banks, lenders, platforms and borrowers, enabling the flow of capital across the financial ecosystem. Its product suite spans co-lending, digital lending, embedded finance and treasury management. The startup's co-lending stack allows banks and large non-banking financial companies to partner with other institutions to originate and distribute loans.

Knight Fintech works with financial institutions including Bank of Baroda, Bank of India, ICICI Securities, IIFL Finance, Bajaj Auto, Muthoot Fincorp and NABARD. It currently supports more than 150 partnerships across 85 lenders. According to the company, its platform has facilitated over $7 billion in loan disbursements and manages more than $5 billion in active assets.

On the treasury side, Knight Fintech offers software to manage liquidity, market risk, borrowings and investments. The platform manages assets worth over $125 billion, positioning it as a core infrastructure provider for financial institutions.

The fresh capital will be used to strengthen product capabilities and support international expansion. The company plans to establish a presence across Asia Pacific and Gulf markets in the coming period.

Looking ahead, Knight Fintech is targeting annual revenues of $85-100 million and plans to expand assets under management beyond $50 billion over the next four years.

Financial disclosures filed with the Ministry of Corporate Affairs and accessed via Tracxn show that the company closed FY25 with total revenue of Rs 31.5 crore and a net loss of Rs 16 crore.