Finarkein secured USD 4.75 million in a pre-series A funding round led by Nexus Venture Partners, on Tuesday, Aug 27, 2024, according to a source.

The funding round also involved current investors such as IIFL’s Fintech Fund and Eximius Ventures and individuals like Nitin Gupta from Uni and Chirag Jain from Ashika Group.

The Company’s technology enables businesses to collaborate on data products using India’s digital public infrastructure.

Enterprises can utilise Finarkein’s data and workflow orchestration platform to collaboratively create data products on India’s digital public infrastructure (DPI), including the account aggregator (AA) ecosystem and Open Network for Digital Commerce’s (ONDC) financial services.

Finarkein highlighted that its platform has emerged as the primary facilitator for over 50 enterprises to publish and utilise data on DPIs over the last 18 months.

Nikhil Kurhe, co-founder and CEO of Finarkein, mentioned, “India’s approach to digital infrastructure is distinctive in that it directly provides significant value to end users. DPIs such as the account aggregator are accelerating this trend, and at Finarkein, we are proud to be part of this initiative from its inception and to further expand it.”

Anand Datta, a partner at Nexus Venture Partners, stated that Nexus collaborates with exceptional entrepreneurs to establish groundbreaking companies, and in Finarkein, they see precisely that: India’s foremost data and DPI infrastructure company.

Finarkein emphasised that India requires the financial services sector to grow substantially to achieve a USD 7 trillion economy by 2030. 

DPIs like the account aggregator ecosystem, Unified Payments Interface, and ONDC will reduce the cost of financial services while endorsing innovation and distribution.

Finarkein was conceived in 2019 in response to the Reserve Bank of India’s master circular outlining the account aggregator framework and its potential to democratise access to financial data for regulated entities.

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