Data products company Finarkein Analytics Pvt. has raised $4.75 million in a pre-series A round led by Nexus Venture Partners. The funds raised will be used for new product development and expansion in Indian financial services markets.
The round also saw participation from existing investors IIFL Fintech Fund and Eximius Ventures and angels like Uni’s Nitin Gupta and Ashika Group’s Chirag Jain.
Finarkein’s data and workflow orchestration platform allows enterprises to co-create data products on India’s digital public infrastructure, such as the account aggregator ecosystem, Open Network for Digital Commerce Financial Services and Open Credit Enablement Network.
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 important to driving down costs of financial services in India while accelerating innovation and distribution.
“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. Finarkein’s trusted data products will play a significant role in unleashing the potential of DPIs in India and beyond,” said Nikhil Kurhe, co-founder and chief exeuctive officer of Finarkein.
Finarkein was formed in 2019 after the RBI Master circular outlined the account aggregator framework and how it would democratise access to financial data for regulated entities. To improve experience with regard to accessing credit, insurance and wealth advisory in the country, the company aims to combine digital finance products with privacy and security guardrails.
Finarkein has provided foundational infrastructure for the AA ecosystem with their multi-AA SmartSwitch. Over the past 18 months, over 40 million Indians have leveraged its embedded data products to securely grant consent and share data via licensed NBFC-AAs, the company said.
“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,” said Anand Datta, Partner, Nexus Venture Partners.
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