In a recent pre-Series A funding round, Fintech startup Upswing has secured $4.2 million in funding, with Quona Capital leading the investment. This brings Upswing’s total funding to $8.2 million since its inception. The Pune-based startup had previously raised $4 million in February 2022, led by QED Investors, with notable participation from investors such as Kunal Shah, Jitendra Gupta, Rajan Bajaj and Lalit Keshre.

Established in 2021 by Anupam Bagchi and Nihar Gupta, Upswing operates as a banking-as-a-service platform, aiming to assist companies in swiftly launching new banking products. The platform's customizability, simplicity, and modularity are designed to minimize integration efforts for consumer tech players seeking to introduce financial products such as savings accounts, deposits, and lending services. As emphasized by the founders, "Upswing’s low-code banking-as-a-service platform allows client companies to embed banking products, and its multi-bank deposit stack is operational across multiple consumer platforms". This underscores Upswing’s commitment to providing an efficient and versatile solution for integrating banking services into various consumer applications.

The recent funding injection is anticipated to support the expansion of Upswing’s multi-bank deposit product, enabling it to reach a broader audience. Concurrently, the funds will play a crucial role in the development of innovative products centered around deposits and lending, showcasing Upswing’s dedication to continuous innovation in the fintech space. In the words of the founders, "The fresh proceeds will be used to expand the reach of its multi-bank deposit product as well as help build new products around deposits and lending".