Finarkein, a pioneering data and workflow orchestration platform, has successfully raised $4.75 million in a Pre-Series A funding round led by Nexus Venture Partners.
The round also saw continued support from existing investors IIFL’s Fintech Fund and Eximius Ventures and participation from prominent angels such as Uni’s Nitin Gupta and Ashika Group’s Chirag Jain.
Founded in 2019, Finarkein was established with an aim to revolutionize India’s financial services sector by leveraging the emerging digital public infrastructure (DPI) like the account aggregator (AA) ecosystem, ONDC-Financial Services, OCEN, and others.
The company’s platform empowers enterprises to co-create data products on these DPIs, and in just 18 months, it has become the leading enabler for over 50 enterprises to publish and consume data.
Nikhil Kurhe, Co-founder and CEO, Finarkein says, “India’s approach to digital infrastructure has been unique wherein a lot of value is directly passed onto end consumers. DPIs like the account aggregator are only accelerating this, and at Finarkein we’re glad to be a part of this movement from day zero and scale it further.
Finarkein’s trusted data products will play a significant role in unleashing the potential of DPIs in India and beyond.”
Anand Datta, Partner, Nexus Venture Partners says, “I have been following the account aggregator space fairly early and came across Nikhil and team Finarkein as winners of the AA hackathon back in 2020. They have only since doubled down on the space, and we have seen Finarkein single-handedly scale this vertical and build a new category from the ground up.”
“At Nexus, we partner with extraordinary entrepreneurs to build category defining companies, and in Finarkein, we see just that, India’s first and leading data and DPI infra company.”
Over the past 18 months, more than 40 million Indians have used Finarkein’s embedded data products to grant consent and share data via licensed NBFC-AAs securely.