Open Finance Startup Upswing Raises $4 Mn From QED Investors

Round led by the global fintech VC, top fintech founders participated

Upswing Financial Technologies, an open finance B2B ecosystem enabler, founded by ex-bankers Anupam Bagchi and Nihar Gupta, has raised $4 million from marquee global fund QED Investors and a clutch of renowned fintech founders.

QED, a fintech-focused fund whose investments feature 25 unicorns globally including Nubank, Credit Karma and SoFi, was co-founded by Nigel Morris, who previously co-founded Capital One.

The funding will be used by Upswing in building plug-and-play platforms for open finance and help fintechs and consumer tech players offer financial services seamlessly. The company is working with a few leading banks on the stack which will go live in a phased manner in 2022.

Every company today has an opportunity to extend financial services to make banking experiences more consumer centric. Anupam Bagchi, Co-Founder, Upswing said, “In this decade of banking, consumers will opt to access their financial services from any digital interface, which may necessarily not belong to a bank. 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.”

Nihar Gupta and Anupam Bagchi - Co-Founder Upswing
Nihar Gupta and Anupam Bagchi - Co-Founder Upswing
 
"We are thrilled to join Upswing on this journey,” added Sandeep Patil, Partner and Head of Asia at QED Investors. “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. Anupam and Nihar bring deep sector experience and complementary expertise. We have no doubt that they will assemble an all-star team to tackle this vital mission.”

“We feel a deep understanding of the banking world is a prerequisite to make a nuanced open finance platform, said Nihar Gupta, Co-Founder, Upswing. He added, “Our extensive understanding of banking systems and fintech needs will help us in building platforms, which will essentially empower the financial institutions with greater reach. It will allow consumer tech players to offer differentiated financial products in a much shorter timeframe of weeks instead of months, sometimes even years.”

Leading fintech founders like Kunal Shah of Cred; Jiten Gupta of Jupiter; Rajan Bajaj of Slice; Lalit Keshre of Groww; Anurag Sinha of One Card; Shivashish Chatterjee of DMI Finance, Kunal Bahl of Snapdeal, Sumit Gwalani and Sujith Narayanan of Epifi also participated in the round, reaffirming the need to build an ecosystem of open finance.

The round also saw participation from funds like Better Capital, Amara VC, Multiply Ventures, Capier Investments, Utsav Somani from AngelList.

Prior to Upswing, Anupam and Nihar were senior career bankers with institutions including Kotak, Axis, Standard Chartered and NPCI. They also helped build neobank Jupiter in their leadership roles.

About Upswing

At Upswing, our mission is to build a more efficient, customisable and inclusive infrastructure which will enable the next wave of innovation in financial services. Open banking is a reality of this decade and it needs robust, customisable and secure rails to run on. We want to leverage our experience to simplify the processes for consumer companies to integrate directly with banks to provide financial services to their customers. Our simple and powerful banking-as-a-service stack will help companies launch new banking products in weeks, not years.

About QED Investors

QED Investors is a global leading venture capital firm based in Alexandria, Va. Founded by Nigel Morris and Frank Rotman in 2007, QED Investors is focused on investing in disruptive financial services companies in the U.S., the U.K. and Europe, Latin America, Southeast Asia and Africa. QED Investors is dedicated to building great businesses and uses a unique, hands-on approach that leverages our partners’ decades of entrepreneurial and operational experience, helping their companies achieve breakthrough growth. Notable investments include AvidXchange, Bitso, Current, Creditas, Credit Karma, Kavak, Klarna, Konfio, Loft, Nubank, QuintoAndar, Remitly and SoFi.


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