Finfactor, the parent company of RBI-licensed account aggregator Finvu Account Aggregator (Finvu AA), has raised $15 million in its Series A funding round led by WestBridge Capital.
The round also saw participation from existing investors Varanium Capital, DMI Sparkle Fund and IIFL Fintech Fund.
The fresh funds raised will be used to expand its product suite for financial institutions, enhance its analytics capabilities and advance its goal of becoming a full-stack technology provider for banks and BFSI clients.
Founded in 2019 by Manoj Alandkar and Munish Bhatia, Finfactor operates as a B2B fintech infrastructure provider, offering data aggregation, analytics and AI-based tools used across lending, insurance and wealth management. Its product suite includes a multi-AA gateway, bank-statement analysis, loan monitoring and collections tools.
The company serves over 150 BFSI organisations, including HDFC Bank, Axis Bank, Motilal Oswal, Canara Bank and CRED, supported by a team of more than 120 professionals.
Finvu AA is an RBI-licensed account aggregator. Finvu AA works with banks, insurers, stockbrokers, investment advisors and other financial institutions to enable secure data flows.
The Pune-based company had earlier secured USD 2.5 million in July 2022 from Varanium Nexgen Fund, IIFL and DMI Sparkle Fund.
Manoj Alandkar and Munish Bhatia, co-founders of Finfactor, said, “Our focus has always been to make financial data reliable, usable and insight-driven for institutions. This capital raise strengthens that commitment and helps us build solutions that keep pace with the evolving needs of lenders and wealth managers. With this support, we will expand our teams, accelerate product development and deepen our impact across lending and wealth management. It positions us well for the next phase of growth in the open-finance ecosystem.”
Vamsi Madhav, CEO of Finvu AA, said, “The account aggregator framework completes the foundational digital stack of building blocks for identity, payments and real-time consented data-sharing. At Finvu AA, we are proud to have served over 50 million Indians till date, but we are just getting started. The era of open finance, built on these building blocks, is upon us. We are committed to becoming India’s most secure and reliable AA, for our customers, technology partners and data principals.”
