According to sources aware of the development, fintech startup Knight Fintech is in discussions to raise additional funds from both new and existing investors. This would be the Mumbai-based company’s first funding round in 2023.
“Knight is raising nearly $10-12 million to be led by a top-tier venture capital firm while existing backers will participate as well,” said one of the sources requesting anonymity. “The company will be valued in the range of 40-$50 million.”
Knight Fintech, a young banking technology company with four years of experience, offers full-stack banking tech solutions for co-lending, lending, and treasury. The startup initially focused on cooperative banks, providing treasury management solutions to help them with their issues and difficulties.
If nothing goes wrong at the last minute, the deal is likely to happen in a few weeks, according to sources.
Kushal Rastogi, a co-founder of Knight Fintech, declined to comment on the report. Prime Venture Partners and 3one4 Capital did not respond right away to inquiries. If they respond, we will update the story.
Knight Fintech, which has offices in Singapore and Mumbai, is funded, among others, by Prime Venture Partners and 3one4 Capital. It’s important to note that the company hasn’t formally announced its funding round.
According to Knight Fintech’s FY22 financial results, both the top and bottom lines were in a developing stage. During the fiscal year that ended in March 2022, it reported a loss of Rs. 57.18 lahks along with revenue of Rs. 1.19 crore. The business has not yet submitted its FY23 financial information.
Similar services are also provided by Yubi (formerly CredAvenue), Navi, and Oxysys in the co-lending sector.
According to the company, it uses cloud-first, API-driven solutions to streamline challenging banking issues. It states that it has worked with more than 60 financial institutions, including banks and NBFCs.
