A Pre-Series A funding round has raised $4.2 million for OnFinance AI, a generative AI platform designed specifically for the Banking, Financial Services, and Insurance (BFSI) industry. Peak XV’s Surge led the round, and present investors Indian Angel Network (IAN) and Silverneedle Ventures (SNV) joined Shyamal Hitesh Anadkat, Groww Founders’ Fund, MarsShot VC (Razorpay Founders’ Fund), and Climber Capital.
Haystack and other investors had previously contributed $1.05 million to the Bengaluru-based startup’s seed funding round. The additional funding will be utilized to extend its reach into foreign markets, speed up engineering and AI research hiring and R&D, and develop its proprietary BFSI-focused AI models.
OnFinance AI, which was co-founded in 2023 by Anuj and Priyesh Srivastava, creates generative AI-powered solutions for risk management, audit automation, and regulatory compliance in the BFSI industry. More than 70 intelligent agents on its flagship platform, ComplianceOS, which is driven by the proprietary NeoGPT LLM, assist banks, insurance providers, and asset managers in interpreting regulations, keeping an eye on compliance, and streamlining internal procedures.
The first BFSI-specific large language model in India, NeoGPT, has been refined using over 300 million tokens of regulatory data from publications from the RBI, SEBI, IRDAI, and AMFI. The company offers InvestigativeOS in addition to ComplianceOS, which offers specialized compliance and risk capabilities such as vendor risk assessment, cyber security and resilience framework (CSCRF) compliance, KYC compliance, SEBI accessibility compliance for PwD rules, and AI-powered surveillance for front-running, insider trading, and market abuse.
In order to help financial institutions preserve clarity and confidence in compliance while concentrating on innovation and expansion, OnFinance AI uses AI models and deep financial domain data to convert manual compliance workflows into automated, effective processes.
