Upswing Financial Technologies, a leading fintech startup, has raised $4.2 million in pre-series-A funding led by Quona Capital for fueling the expansion of its innovative banking-as-a-service platform focusing on multi-bank deposits and further solidifying the expertise of co-founder Anupam Bagchi.
The round also witnessed participation from existing investors, such as QED Investors. This brings the total funding for the company to $8.2 million since its establishment in 2021.
The fresh funding will be pivotal for Upswing as it looks to expand the reach of its multi-bank deposit product and concurrently develop new offerings in the deposits and lending space. Co-founder Anupam Bagchi expressed enthusiasm about the potential of the funds to propel the startup’s growth.
“The funding will fuel our journey in expanding the reach of our multi-bank deposit product and the vision of launching the next set of innovative products around deposits and lending,” said Upswing co-founder Anupam Bagchi.
Experienced Leadership Driving Fintech Innovation
Upswing, founded in 2021 by former bankers Anupam Bagchi and Nihar Gupta, boasts a leadership team with extensive experience in the financial sector.
Bagchi, previously the chief business officer at Jupiter, has held senior roles at prominent institutions such as Standard Chartered, Axis Bank, and ICICI Bank.
Gupta, head of banking products and payments at Jupiter, also brings his expertise from roles at Kotak Mahindra Bank and Innoviti Payment Solutions.
“The team’s vision aligns seamlessly with our commitment to supporting innovative ventures that increase access to financial services. The team deeply understands financial systems and the regulatory environment,” said Varun Malhotra, partner at Quona Capital.
Upswing’s Banking-as-a-Service Platform Revolutionizing the Industry
Upswing’s low-code banking-as-a-service platform is gaining prominence for its ability to empower client companies to embed banking products seamlessly.
The multi-bank deposit stack, operational across various consumer platforms, enhances efficiency and simplifies the process of launching financial products.
This recent funding success follows a $4 million seed funding round in December 2021, emphasizing the growing investor confidence in Upswing’s vision. Notably, the February 2022 funding round, led by QED Investors, saw participation from industry leaders Kunal Shah, Jitendra Gupta, Rajan Bajaj, and Lalit Keshre.
“This funding marks a pivotal moment towards our aim to become an ecosystem player providing consumer-centric solutions as well as the right compliance and security infrastructure while we enable companies to offer financial services ubiquitously,” said Nihar Gupta.
The strategic support from Quona Capital and the continued trust of existing investors positions Upswing for further innovation and expansion in the evolving financial technology sector.
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