Fintech startup Upswing has raised $4.2 million in a pre-series-A funding round led by Quona Capital, a notable name in the investment sector.
The round takes Upswing's total raised amount to $8.2 million. This includes a previous seed funding of $4 million led by QED Investors in February 2022.
Expanding multi-bank deposit product
The Pune and Bengaluru-headquartered startup plans to utilize these fresh funds to expand the reach of its multi-bank deposit product. Additionally, the capital will aid in the development of new products centred around deposits and lending, as per the statement.
Who are the founders?
Upswing was founded in 2021 by Anupam Bagchi and Nihar Gupta, both former bankers with a rich history in the financial sector. Bagchi, a former chief business officer at Jupiter, has held senior roles at various institutions like Standard Chartered and Axis Bank. Gupta previously worked at Jupiter, Kotak Mahindra Bank, and Innoviti Payment Solutions.
What does Upswing offer?
Upswing said that its banking-as-a-service platform is designed to be low-code, customizable, simple, and modular. The platform significantly reduces the integration efforts required by consumer tech players to launch financial products such as savings accounts, deposits, and lending services.
The startup claims that its multi-bank deposit stack is operational across multiple consumer platforms.
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