Gravity, a banking platform, has raised $1 million in a pre-series led by Kettleborough VC.
The Mumbai-based startup said that it aims to utilize the capital in tech development and execution of organic growth cycles.
The platform enables interoperability amongst the underlying banking software managing core banking systems (CBS), payments, LOS, LMS, treasury, depository, among others.
Using this ecosystem, banks can develop contextual and customized products on top of their existing solutions, as per the customers’ needs and eligibility, according to the company’s statement.
Launched in March 2024 by Satish Krishnaswamy and Rohit Maroo, Gravity aims to create a customized experience for both retail and enterprise customers.
“With expansive data repositories and access to customers’ banking history, banks should be able to offer tailored features such as integration of banking services on third-party consumer apps; introduction of universal loan accounts; introduction of singular cards for credit, debit, and prepaid transactions. With Gravity, we are making these innovative features and products possible for banks, eliminating the requirement of establishing capex-heavy individual units for each product. We feel fortunate to have received the opportunity to build a category-first business platform, and humbled by the initial support of our investors,” the company statement said.
Banks can achieve several efficiencies such as routing IMPS transactions through NEFT if the IMPS server is down, offering loans to customers facing failed transactions due to low account balance and launching new products or workflows within two to three days using its API symphony, among many other use cases.
Kettleborough VC, an India-based early-stage venture capital led by seed investor Nisarg Shah, launched its maiden VC fund in October 2022. Since then, it has backed startups such as InPrime Finserv, Finhaat, Giga Fun Studios , Zocket and ONWO, among others.
(Inputs from BL intern Meghna Barik)