Finsire, a fintech firm, has raised seed funding of $1.3 million (around Rs 10.4 crore) led by DevX Venture fund.

Several investors, including iSeed, Spark Capital, 1947 Rise, Adept Ventures, Portal Angel Investors, Purple Matters, DeVC India, Lets Ventures, Shashank Kumar and Harshil Mathur, Co-Founders of Razorpay and Mars Shot Ventures, also participated in the funding round.

Finsire | Lending Infrastructure Platform

Founded by Shreyans Nahar, Mridul Manhas and Subramaniam Chintamani, Finsire is a lending infrastructure platform that integrates with financial institutions, fintechs, asset holding brokers and their distribution to collateralize income and digital assets of borrowers to provide credit.

Finsire allows banks, NBFCs, fintechs, credit requirement distribution and depositaries to maximize their lending capabilities.

Speaking about the development, Shreyans Nahar, CEO and Co-founder of Finsire, said,

“Excited to build the Digitized secured infrastructure for India. Once in a lifetime opportunity for us; Indian households hold over USD 14 trillion dollars in assets, and global households’ assets are over 400 trillion dollars. Today these assets are extremely hard to pledge. The idea is to allow the asset holder to do what they wish to do with these assets.”

The fintech startup aims to tap into the massive market opportunity of global assets, estimated at $400 trillion. The startup added that asset holders just needed convenient, trustworthy options to pledge their assets, and it aimed at doing this.

Talking about the round, Meet Semlani, Co-founder of Tartan, expressed his excitement about investing in infrastructure for asset and income-backed companies, which he considers to be the need of the hour.

Commenting on the development, Umesh Uttamchandani, Co-founder of DevX Venture Fund, said,

“At DevX Venture Fund, we are happy to lead the round at Finsire – they are building the lending infrastructure to collateralise all sorts of digital assets by partnering with banks, NBFCs, brokers and new-age fintechs. They are targeting an uncatered segment by maximising the lending capacity of lenders and enabling easy credit for end users.”

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