Fintech Startup Upswing Financial Technologies Secures $4 Million from QED Investors
The money will also be utilised to help fintechs and consumer tech companies provide seamless financial services.
QED, a fintech-focused fund, has supported 25 unicorns throughout the world, including Nubank, Credit Karma, and SoFi. QED, based in Alexandria, was formed in 2007 by Nigel Morris and Frank Rotman.
Its investors are looking for startups that are disrupting the financial services industry in the United States, Latin America, the United Kingdom and Europe, Southeast Asia, and Africa.
Upswing, based in Mumbai, was created in 2021 by ex-bankers Anupam Bagchi and Nihar Gupta. Prior to joining Upswing, both worked as senior career bankers at Kotak, Standard Chartered, Axis, and NPCI. In their leadership capacities, they also assisted in the formation of neobank Jupiter.
Anupam Bagchi, cofounder of Upswing, spoke about the company and its services, “Upswing’s open finance-as-a-service platform is highly customisable, simple and modular and will significantly reduce the integration efforts of consumer tech players to launch financial products like savings accounts, deposits and lending services. At present, consumers would opt to access their financial services from any digital interface, which may necessarily not belong to a bank.”
Sandeep Patil, partner and Asia head at QED Investors, said, “In the coming decade, consumer companies will ubiquitously offer banking and financial products. Upswing will be a vital ecosystem player providing consumer-centric solutions as well as the right compliance and security infrastructure.”
Better Capital, Multiply Ventures, Amara VC, Capier Investments, and Utsav Somani from AngelList also participated in the round.
Kunal Shah of CRED, Jiten Gupta of Jupiter, Rajan Bajaj of slice, Anurag Sinha of One Card, Lalit Keshre of Groww, Shivashish Chatterjee of DMI Finance, Sujith Narayanan of Epifi, Sumit Gwalani, and Kunal Bahl of Snapdeal were among the participants in the round.