With the help of Quona Capital, the fintech startup Upswing has raised $4.2 million in a pre-series-A round. The round saw participation from returning backer QED Investors as well, bringing the total funding raised to $8.2 million since the company’s founding.
In February 2022, QED Investors led the $4 million (approximately Rs 30 crore) fundraising effort for the Pune-based startup. In addition, Lalit Keshre, Rajan Bajaj, Jitendra Gupta, and Kunal Shah took part in the round.
According to an ET report, the company plans to use the additional funds to develop new products centered around lending and deposits, as well as to broaden the appeal of its multi-bank deposit product.
Anupam Bagchi and Nihar Gupta founded Upswing in 2021 with the goal of helping businesses launch new banking products in a matter of weeks. The platform promises to lessen the integration efforts of consumer tech companies launching financial products like savings accounts, deposits, and lending services. It is simple, modular, and customizable.
Client businesses can integrate banking products into their websites thanks to Upswing’s low-code banking-as-a-service platform, and its multi-bank deposit stack works with a variety of consumer platforms.
