Knight Fintech, a company that builds technology for banks and financial services, has raised $23.6 million in its Series A funding round. The round was led by Accel. Other investors who joined include IIFL, Rocket Capital, Prime Venture Partners, 3One4 Capital, Commerce VC, and Trifecta Capital.
The company will use this money to make its products better and stronger. It also plans to grow its business outside India by entering new markets in the Asia Pacific region and Gulf countries.
“We chose to keep innovation and client obsession at the centrepiece, while building business with strong unit economics, market resilience, reliable systems, and long-term valued partnerships,” founder Kushal Rastogi, said in a statement. “Knight FinTech is a multi-engine platform. Co-lending and Treasury are already operating at meaningful scale, while Embedded finance and Digital lending are accelerating rapidly.”
Knight FinTech was started in 2019 by Kushal Rastogi and Parthesh Shah. Kushal earlier worked on building AI-based trading systems. The company is based in Mumbai.
Knight FinTech creates core technology that connects banks, lenders, platforms, and borrowers, making it easier for money to move smoothly between them. It has also built a co-lending system that allows banks and large NBFCs to lend together with other financial partners.
Knight FinTech works with well-known clients such as Bank of Baroda, Bank of India, ICICI Securities, IIFL Finance, Bajaj Auto, Muthoot Fincorp, and NABARD.
Its platform supports more than 150 partnerships with 85 lenders. It helps run services like co-lending, digital lending, and embedded finance. The company also offers treasury management software that helps businesses manage their cash flow, risks, loans, and investments more easily.
The company says it has helped give out more than $7 billion worth of loans and currently manages over $5 billion in active assets on its platform.
Its treasury platform also manages assets worth more than $125 billion, making Knight FinTech an important technology provider for banks and financial companies.
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