Upswing Financial Technologies, a fintech software suite provider serving consumer businesses, has secured $4.2 million in pre-Series-A funding to further extend the reach of its multi-bank deposit product.
The firm co-founded by Anupam Bagchi and Nihar Gupta, former bankers aims to channel resources into the development of innovative products centered around deposits and lending, as disclosed by co-founder Anupam Bagchi in an exclusive interview with ET.
Bagchi, who previously served as the Chief Business Officer at Jupiter and held senior leadership roles at renowned institutions such as Standard Chartered, Axis Bank, and ICICI Bank, expressed enthusiasm about the strategic direction the company is taking.
Nihar Gupta, Bagchi’s co-founder and fellow former banker, brings a wealth of experience from his tenure at Jupiter, where he served as the Head of Banking Products and Payments. Gupta has also played key roles at Kotak Mahindra Bank, Innoviti Payment Solutions, and Vijaya Bank.
Upswing Technologies set an edge with low-code banking as a Service Platform
According to Gupta, “This funding marks a pivotal moment towards our aim to become an ecosystem player providing consumer-centric solutions as well as the right compliance and security infrastructure while we enable companies to ubiquitously offer financial services.”
Upswing’s distinctive low-code banking-as-a-service platform empowers client companies to seamlessly embed banking products, with its operational multi-bank deposit stack spanning across various consumer platforms.
Quona Capital, the lead investor in this funding round, expressed confidence in Upswing’s vision. Varun Malhotra, Partner at Quona Capital, stated, “The team’s vision aligns seamlessly with our commitment to supporting innovative ventures that increase access to financial services. The team has a deep understanding of financial systems and the regulatory environment.”
This fundraising milestone follows Upswing Financial Technologies’ previous success in securing a $4 million seed funding round in December 2021. The company’s dedication to providing cutting-edge financial solutions, coupled with its strategic partnerships, positions it as a key player in the evolving fintech landscape.
Quona Capital spearheaded the investment, with participation from existing investor QED Investors. This latest infusion of capital brings the total funding garnered by the Bengaluru-based startup, founded in 2021, to an impressive $8.2 million.
