M2P Fintech, one of Asia’s leading API infrastructure provider led the USD 2.50 million funding round for the Account aggregator platform Finvu. Varanium Nexgen Fund, IIFL and DMI Sparkle Fund also participated in the round.
Founded in 2017, Finvu is a registered and licensed NBFC Account Aggregator (NBFC-AA) from the Reserve Bank of India (RBI) and has the operational license for the business of account aggregation. Finvu is amongst the first few to have received the Account aggregator operating license from RBI, according to the statement.
Finvu provides the platform that enables secure portability of trusted data between financial service providers. With Finvu’s certified and standard open API framework, financial institutions will be able to quickly adopt and come on board, while some of them are already working on their digital journeys for various use cases, the statement said.
On the investment, Madhusudanan R, Co-Founder – M2P Fintech, said, “India is leading the regulations backed frameworks for open banking and BaaS offering, laying the foundation for innovative products or services. While the Account Aggregator framework is at its formative stage, we believe that it will have a transformative impact on the financial ecosystem with use cases across banking, lending, personal finance and Finvu is right placed to serve this segment meaningfully. At M2P Fintech, we are constantly looking for novel ways to help Banks and fintech go to market faster and scale their business.”
Finvu’s Founders Munish Bhatia and Manoj Alandkar said, “The future of financial services will dramatically change with the AA ecosystem as new use cases are being developed. Excited to get support from our investors who believe in this.”
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