Upswing Financial Technologies raises $4 mn from QED Investors, others

Upswing Financial Technologies will use the funds in building plug-and-play platforms for open finance and help fintechs and consumer tech players offer financial services seamlessly.

Upswing Financial Technologies, an open finance B2B ecosystem enabler, founded by ex-bankers Anupam Bagchi and Nihar Gupta, has raised $4 million from QED Investors and a clutch of renowned fintech founders.

The funding will be used by Upswing in building plug-and-play platforms for open finance and help fintechs and consumer tech players offer financial services seamlessly. The company is working with a few leading banks on the stack which will go live in a phased manner in 2022.

Every company today has an opportunity to extend financial services to make banking experiences more consumer centric. Anupam Bagchi, co-Founder, Upswing said, “In this decade of banking, consumers will opt to access their financial services from any digital interface, which may necessarily not belong to a bank. Upswing’s open finance-as-a-service platform is highly customisable, simple and modular and will significantly reduce the integration efforts of consumer tech players to launch financial products like savings accounts, deposits and lending services.”

“We are thrilled to join Upswing on this journey,” added Sandeep Patil, partner and head of Asia at QED Investors. “In the coming decade, consumer companies will ubiquitously offer banking and financial products. Upswing will be a vital ecosystem player providing consumer-centric solutions as well as the right compliance and security infrastructure.

Anupam and Nihar bring deep sector experience and complementary expertise. We have no doubt that they will assemble an all-star team to tackle this vital mission.”

Leading fintech founders like Kunal Shah of Cred; Jiten Gupta of Jupiter; Rajan Bajaj of Slice; Lalit Keshre of Groww; Anurag Sinha of One Card; Shivashish Chatterjee of DMI Finance, Kunal Bahl of Snapdeal, Sumit Gwalani and Sujith Narayanan of Epifi also participated in the round. The round also saw participation from funds like Better Capital, Amara VC, Multiply Ventures, Capier Investments, Utsav Somani from AngelList.