Finarkein Analytics, a pioneer in data products for the account aggregator and digital health sectors, has successfully raised $4.75m in a Pre-Series A funding round.
This financial boost was led by Nexus Venture Partners, with additional participation from IIFL’s Fintech Fund, Eximius Ventures, and prominent angel investors including Nitin Gupta from Uni and Chirag Jain from Ashika Group.
Finarkein specialises in data and workflow orchestration platforms that enable the co-creation of data products on India’s digital public infrastructure (DPI). These platforms include the account aggregator (AA) ecosystem, ONDC-Financial Services, and OCEN, among others. Over the past 18 months, Finarkein has established itself as a key enabler for over 50 enterprises, facilitating the publication and consumption of data on various DPIs.
The fresh capital will be channelled towards new product development and expanding Finarkein’s footprint in the Indian financial services market. As India aims to grow its financial sector to support a projected $7 trillion economy by 2030, DPIs such as the account aggregator ecosystem and UPI are expected to play a crucial role in reducing costs and accelerating innovation.
Nikhil Kurhe, co-founder & CEO of Finarkein, commented on the funding, “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.”
In an earlier funding venture, Finarkein was conceptualized in 2019, following the RBI’s Master circular on the account aggregator framework. This framework aims to democratize access to financial data, enhancing the delivery of credit, insurance, and wealth advisory services across India. Leveraging this framework and their expertise in building scalable data platforms, Finarkein has driven over half of all pan-India AA volumes, becoming a foundational player in the AA ecosystem with their industry-first multi-AA SmartSwitch.
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