Finfactor, the parent company of account aggregator Finvu, has raised $15 million in a Series A funding round led by WestBridge Capital. Existing investors Varanium Capital, DMI Sparkle Fund, and IIFL Fintech Fund also took part in the round.
The new funds will help Finfactor expand its product offerings for financial institutions, enhance its analytics capabilities, and move closer to becoming a full-stack technology provider for banks and other BFSI clients.
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.”
Founded in 2019 by Manoj Alandkar and Munish Bhatia, Pune-based Finfactor is a B2B fintech infrastructure provider. The company offers data aggregation, analytics, and AI-powered tools for the lending, insurance, and wealth management sectors.
Finfactor’s products include a multi-account aggregator gateway, bank statement analysis, loan monitoring solutions, and collections tools, helping financial institutions streamline operations and make smarter decisions.
Finfactor serves over 150 BFSI institutions, including HDFC Bank, Axis Bank, Motilal Oswal, Canara Bank, and CRED, supported by a team of more than 120 professionals. Its RBI-licensed account aggregator, Finvu AA, enables secure, consent-driven data sharing between banks, insurers, stockbrokers, investment advisors, and other financial institutions.
Previously, Finfactor raised $2.5 million in July 2022 from Varanium Nexgen Fund, IIFL, and DMI Sparkle Fund.
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