M2P Fintech leads seed investment in Account Aggregator platform Finvu
With a vision to build product capabilities leveraging the Account Aggregator platform
CHENNAI, India, July 7, 2022 /PRNewswire/ -- M2P Fintech, one of Asia's leading API infrastructure provider led the USD 2.50 million funding round for the Account aggregator platform Finvu. Varanium Nexgen Fund, IIFL and DMI Sparkle Fund also participated in the round. Founded in 2017, Finvu is a registered and licensed NBFC Account Aggregator (NBFC-AA) from the Reserve Bank of India (RBI) and has the operational license for the business of account aggregation. Finvu is amongst the first few to have received the Account aggregator operating license from RBI.
Finvu provides the platform that enables secure portability of trusted data between financial service providers. With Finvu's certified and standard open API framework, financial institutions will be able to quickly adopt and come on board, while some of them are already working on their digital journeys for various use cases.
On the investment, Madhusudanan R, Co-Founder - M2P Fintech, said, "India is leading the regulations backed frameworks for open banking and BaaS offering, laying the foundation for innovative products or services. While the Account Aggregator framework is at its formative stage, we believe that it will have a transformative impact on the financial ecosystem with use cases across banking, lending, personal finance and Finvu is right placed to serve this segment meaningfully. At M2P Fintech, we are constantly looking for novel ways to help Banks and fintech go to market faster and scale their business."
Finvu's Founders Munish Bhatia and Manoj Alandkar said, "The future of financial services will dramatically change with the AA ecosystem as new use cases are being developed. Excited to get support from our investors who believe in this."
M2P Fintech is an API infrastructure company that enables businesses of any scale to embed financial products in their customer journeys. M2P's agile platform allows businesses to quickly create and deploy fintech products by simplifying the partnerships with Banks, PPIs, FIs, and other regulated entities. M2P provides deep domain expertise with significant speed to market while maintaining the core of our offerings' scalability, security, and reliability.
Headquartered in Chennai, India, M2P operates in over 20 markets across Asia and North Africa. A few key markets apart from India include the United Arab Emirates, Australia, New Zealand, Nepal, the Philippines, Bahrain and Egypt. The company plans to expand its footprint to Indonesia, Bangladesh, Vietnam, and across the MENA region.
Finvu is a Pune-based Fintech company licensed by the Reserve Bank of India as an NBFC-AA (NBFC Account Aggregator) to provide the services of an Account Aggregator (AA) for duly retrieving or collecting, consolidating, organizing and presenting financial information to the customer or any other financial information user as may be specified by RBI.
Finvu's founding team has a collective experience of 50+ years in Banking technology and worked for Banks in India and overseas. Their experience has been in leading and delivering complex integrations for the banks where they worked specifically in areas of Payments (SWIFT) and Corporate Banking. Coming from Banking and technology and wanting to be part of the digital journey in India - Account Aggregator was a natural progression for Finvu.
Share this article