Mumbai-based FINQY aims to achieve unicorn status in the next 3-5 years

Mumbai-based fintech startup FINQY has raised $2 million in a funding round led by Angel Bay India Accelerator, Family Offices and private investors.

The startup aims to expand its customer base and other sister product offerings.

Prior to this round, the startup raised $840,000 in a seed funding round in March 2022 led by Anvita Varshney, AngelBay and others.

What does FINQY do?

FINQY was founded in 2019 by Manish Aggarwal, a seasoned entrepreneur with over 25 years of BFSI sales experience.

The startup leverages technology to empower sales professionals in the insurance, credit card, and loan sectors through its innovative B2B2C business model.

Working with over 100 financial and banking partners, it equips financial distributors with an advanced AI-powered tool. FINQY and its other variations help streamline complex financial decisions across credit cards, insurance, and loans but also significantly enhance customer engagement and facilitate informed decision-making

The startup claims to have achieved a revenue milestone of $9.8 million in FY24.

Leadership comments

Manish Aggarwal, Founder, and CEO of FINQY, said, "The confidence shown by investors and customers reaffirms our belief that we are on the right path to address key challenges in the financial market. In today's information-rich environment, customers seek clarity amidst overwhelming and often inaccurate data. Our mission is to demystify financial services, making them accessible to everyone."

"I am excited that our efforts are making a positive impact, facilitated by technology that simplifies decision-making despite the myriad options available. Our vision is to revolutionize financial services distribution through cutting-edge technology and strategic partnerships. Looking ahead, we are committed to introducing additional tools that empower a wide spectrum of financial distributors and customers, aiming to simplify financial decisions and enhance accessibility," Aggarwal added.

Aiming to achieve a unicorn status

Over the next 3-5 years, FINQY aims to achieve unicorn status and solidify its position as India's foremost aggregation platform for financial intermediaries.

The startup's upcoming initiatives include developing Q, a personal finance manager app and Test My Card – a credit card-focused product.

It is also exploring getting into investment and wealth management solutions.