In a recent development, Pune-based fintech startup Upswing has successfully raised $4.2 million in a pre-series-A funding round. The leading investor in this round was Quona Capital, with participation from existing supporter QED Investors. This brings the total funding garnered by Upswing to an impressive $8.2 million since its inception.
This financial boost follows the startup’s earlier achievement of securing $4 million in funding (approximately Rs 30 crore) in February 2022. During this previous funding round, QED Investors took the lead, and notable figures such as Kunal Shah, Jitendra Gupta, Rajan Bajaj, and Lalit Keshre also participated.
The newly acquired funds are earmarked for the expansion of Upswing’s multi-bank deposit product and to facilitate the development of innovative products centred around deposits and lending, as reported by the Economic Times.
Established in 2021 by Anupam Bagchi and Nihar Gupta, Upswing specializes in a banking-as-a-service stack designed to assist companies in swiftly launching new banking products within weeks. The platform prides itself on being customizable, user-friendly, and modular, offering consumer tech players a streamlined integration process to introduce financial products like savings accounts, deposits, and lending services.
One of Upswing’s standout features is its low-code banking-as-a-service platform, enabling client companies to embed banking products seamlessly. The multi-bank deposit stack, a key component of Upswing’s offerings, is already operational across various consumer platforms, underscoring the startup’s commitment to providing versatile solutions in the rapidly evolving fintech landscape.
