Upswing, a Pune-based fintech startup, has raised $4.2 million in a pre-series-A round led by Quona Capital. The funding round also saw participation from existing backer QED Investors, which brings its total funding to $8.2 Mn since inception.

As per the startup, the freshly raised funds will be used to expand the reach of its multi-bank deposit product. The latest fundraise will also enable the startup to build new products around deposits and lending.

Upswing Financial Technologies | Powering the World of Open Finance 

Founded by ex-bankers Anupam Bagchi and Nihar Gupta in 2021, Upswing, with its banking-as-a-service stack, allows consumer companies to offer digital financial services to end customers and enables them to launch new banking products in weeks. 

The fintech startup simplifies complex integrations with financial institutions to dramatically reduce the time required to launch products. Its low-code banking-as-a-service platform allows client companies to embed banking products, with its multi-bank deposit stack being operational across multiple consumer platforms.

Regarding the funding development, Gupta highlighted that this funding marks a pivotal moment towards their aim to become an ecosystem player providing consumer-centric solutions and the right compliance and security infrastructure while enabling companies to ubiquitously offer financial services.

With its customizable, simple, and modular platform, Upswing claims to reduce the integration efforts of consumer tech players to launch financial products like savings accounts, deposits, and lending services.  

Commenting on the development, Varun Malhotra, Partner at Quona Capital, said, 

“The team’s vision aligns seamlessly with our commitment to supporting innovative ventures that increase access to financial services. The team has a deep understanding of financial systems and the regulatory environment.” 

In February 2022, Upswing had raised $4 million (around Rs 30 crore) in funding led by QED Investors, where Kunal Shah, Rajan Bajaj, Jitendra Gupta, and Lalit Keshre, among others, also participated.

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