Finarkein Analytics, a Pune-based SaaS startup in the Digital Public Infrastructure (DPI) space, has raised $4.75 million in a Pre-Series A round led by Nexus Venture Partners. The round also saw participation from existing investors IIFL’s Fintech Fund, Eximius Ventures and angels like Uni’s Nitin Gupta and Ashika Group’s Chirag Jain.
Finarkein is a leader in the BFSI sector, offering B2B SaaS and data products that power data journeys for India’s largest enterprises.
The newly raised funds will be used for onboarding, financial and medical underwriting, monitoring, collections, and generating insights in real time.
Nikhil Kurhe, Co-founder and CEO of Finarkein said, “India’s approach to digital infrastructure has been unique, wherein a lot of value is directly passed onto end consumers. DPIs like the account aggregator are only accelerating this, and at Finarkein, we’re glad to be a part of this movement from day zero and scale it further. Finarkein’s trusted data products will play a significant role in unleashing the potential of DPIs in India and beyond.”
Anand Datta, Partner, Nexus Venture Partners, said, “I have been following the account aggregator space fairly early and came across Nikhil and team Finarkein as winners of the AA hackathon back in 2020. They have only since doubled down on the space, and we have seen Finarkein single-handedly scale this vertical and build a new category from the ground up. At Nexus, we partner with extraordinary entrepreneurs to build category-defining companies, and in Finarkein, we see just that: India’s first and leading data and DPI infra company.”
Founded in 2019 by Nikhil Kurhe and Dheeraj Kumar, Finarkein’s data and workflow platform allows enterprises to co-create data products on India’s digital public infrastructure (DPI) like the account aggregator (AA) ecosystem, and ONDC-Financial Services, OCEN and more.
Over the last 18 months, Finarkein’s platform has enabled over 50 enterprises to publish and consume data on DPIs.
Finarkein has been providing foundational infrastructure for the AA ecosystem with their industry-first multi-AA SmartSwitch. Over the past 18 months, over 40 million Indians have leveraged Finarkein’s embedded data products to securely grant consent and share data via licensed NBFC-AAs.
India needs its financial services sector to grow multifold to become a $7 trillion economy by 2030. DPIs like the account aggregator ecosystem, UPI, ONDC, and OCEN will be key to driving down the costs of financial services in India while accelerating innovation and distribution. Finarkein aims to enable every financial journey in India to become an AA-native journey in the next three years.
