Fintech Startup BankSathi Raises $4 Million In Pre-Series A Funding
BankSathi, a Bengaluru-based fintech startup, has raised $4 million in pre-Series A funding from Kotak Securities, We Founder Circle, Hem Securities, Lets Venture, and Inflection Point Ventures.
Recur Club, Liquiloans, Sunil Singhania (Abakkus), Kunal Shah (CRED), Dr Ritesh Malik (Innov8), Varun Alagh (MamaEarth), Kailash Biyani (Asian Markets), Mukul Rastogi and Bhaswat Agarwal (Co-founders ClassPlus), Sameer Rastogi (India Juris), Manish Dabkara (EKI Energy), and Mukund Modi (MS Fincap) also participated in the funding round.
As per the startup, the raised funds will be used to invest in high-calibre employees across operations and accelerate the development of new products and technology. The startup will also invest resources to grow its agent network and geographic reach.
BankSathi | Empowering Consumers’ Financial Life
Started by Jitendra Dhaka and Sandeep Kaler in January 2020, BankSathi empowers consumers by providing the right financial products with access to last-mile users in Tier II and Tier III cities and remote locations.
The fintech startup claims to use priority algorithms to recommend financial products to advisors based on the customer’s profile and past transactions.
Speaking about the development, Jitendra Dhaka, Founder and CEO of BankSathi, said,
“We’re keen to make a big contribution in the prime minister’s mission ‘Develop India by 2047’ by increasing financial penetration through our tech-empowered financial advisors. With this funding, we will be able to expand product, technology, and distribution network at a faster pace.”
As per the startup, it helps both customers and advisors receive the best recommendations. It helps financial advisors, which include insurance agents, chartered accountants, product advisors, financial analysts, retired bankers, and small business entrepreneurs, develop their digital presence and sell financial goods online.
Additionally, it empowers consumers to save money and time on financial products through safe, easy, and trustable shopping.
Its advisor base claims to have increased by 40X. Additionally, the startup has served a three million+ customer base across 18,000 pin codes. The fintech startup has partnered with 60+ financial institutions, including Kotak Mahindra Bank, Axis Bank, IDFC First, SBI, and Bank of Baroda.
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