Ignosis Raises $4M Led by Peak XV’s Surge to Scale AI-Powered Financial Intelligence for India’s BFSI Sector

L-R: Nirav Prajapati, Co-Founder & CEO, Ignosis, and Chintan Sheth, Co-Founder & CTO, Ignosis

• In just three years, Ignosis has earned the trust of 125+ financial institutions enabling access to credit, insurance, and investments through hyper-personalised, AI-driven financial intelligence.

Ignosis, India’s leading enterprise-first Account Aggregator (AA) infrastructure and financial data intelligence platform, has raised $4 million in its Pre-Series A round led by Peak XV’s Surge, with participation from Force Ventures, Razorpay Ventures, Kunal Shah of Cred and other existing investors.

Ignosis tackles the systemic challenges holding back India’s financial data ecosystem. Despite rapid digitisation, 160M+ Indian consumers remain credit underserved. Most of them without a formal proof of income, remain excluded from affordable loans, insurance, and financial planning. Even 80% of MSMEs still struggle to access formal credit.

Ignosis addresses these critical gaps with its Account Aggregator (AA) infrastructure and financial data intelligence platform. It enables BFSI to underwrite, collect, and advise with confidence. And drive the next wave of financial inclusion in India.

Nirav Prajapati, Co-Founder and CEO, Ignosis, says–

We believe Account Aggregator (AA) is set to become embedded in every financial transaction journey in India. Just as UPI became the default rails for payments, AA is poised to become the default rails for secure, consent-driven financial data sharing. Our solution is to build a reliable and intelligent Account Aggregator (AA) layer that makes financial data both accessible and usable.

“With advances in AI, we are enabling BFSI to move away from legacy bank statement analytics into a new era of financial data intelligence,” says Chintan Sheth, Co-founder & CTO, Ignosis. “Our platform delivers highly accurate income detection, risk underwriting, and fraud and financial health signals. Ignosis gives institutions the precision and confidence to serve customers with speed, trust, and personalized financial services.”

Ignosis will deploy the capital to scale its engineering, business, and compliance teams in support of customers across India’s evolving financial ecosystem. Key growth priorities include driving hyper-personalisation through financial data intelligence and building finance-specific LLMs and agentic AI use cases for BFSI.

Ignosis is built on secure, compliant rails aligned with the RBI’s Account Aggregator framework and the DPDP Act, 2023, enabling financial institutions to innovate while meeting regulatory standards. Headquartered in Ahmedabad, Ignosis was founded in 2022.

About Ignosis

Ignosis is India’s financial data intelligence platform with enterprise-first Account Aggregator infrastructure for financial institutions. Serving 125+ BFSI customers, its AI analytics platform provides accurate income verification, intelligent collections, spend analysis, portfolio/wealth insights, hyper-personalised nudges along with risk and fraud signals.

Ignosis is building on RBI- and DPDP-compliant DPI rails including AA, OCEN, and ONDC-FS to empower 300M+ underserved Indians with faster, safer, and more inclusive access to credit, wealth, and insurance.

Headquartered in Ahmedabad, Ignosis was founded by Nirav Prajapati and Chintan Sheth and has raised $4M in pre-Series A led by Peak XV’s Surge with participation from Razorpay Ventures, Force Ventures, and Kunal Shah.

NSE and Odisha Govt Sign MoU to Enhance Financial Literacy Through Investor Awareness Programs and Student Skilling in the BFSI Sector Across Odisha

India’s leading stock exchange, the National Stock Exchange (NSE) and the Government of Odisha signed a Memorandum of Understanding (MoU) to enhance Financial Literacy through Investor Awareness Programs and to implement the Student Skilling Programs for the youth across Odisha.

This MOU was exchanged between Shri Sriram Krishnan, Chief Business Development Officer, NSE and Shri Prashant Kishore Mohapatra, Special Secretary, Govt. of Odisha in the distinguished presence of Suryabanshi Suraj, Hon’ble Minister of State(I/C), Higher Education, Sports & Youth Services, Odia language, Literature & Culture, Govt. of Odisha, today at Bhubaneshwar.

As part of the understanding, NSE with the support of the Government of Odisha shall conduct awareness drive through seminars, camps, knowledge sessions, road shows, workshops to spread financial literacy and investor awareness. This MoU also aims to empower the youth with industry-relevant skills and enhance their employability in the BFSI sector.

Odisha has an expanding financial ecosystem and it is imperative to empower the students, investors and corporates. This understanding embraces various fabrics of the financial ecosystem targeting various stakeholders. This multifaceted MoU is a step towards enhancing financial literacy, promoting investor awareness and fostering empowerment of the existing and new investors. Additionally, the MoU focuses on preparing youth with essential skills through NSE’s Student Skilling Program—an initiative aligned with the central government’s vision of unlocking human capital and enabling both employability and self-employment in the BFSI sector.

Shri Suryabanshi Suraj, Hon'ble Minister of State(I/C), Higher Education, Sports & Youth Services, Odia language, literature & Culture, Govt. of Odisha said, "The Government of Odisha is proud to partner with NSE to drive financial literacy, investor awareness and student skilling in our region. This MoU is not just about expanding financial knowledge; it is about empowering our students with the knowledge and skills they need with respect to financial sector. Together, we are creating a robust financial ecosystem that will pave the way for sustainable growth in Odisha”.

Shri Sriram Krishnan, Chief Business Development Officer, NSE said, “Our collaboration with the Government of Odisha highlights our shared dedication of boosting financial literacy and empowering investors. Through initiatives like investor awareness programs and the Student Skilling Program, we are fostering a well-informed community for both seasoned and new investors. Moreover, we are also committed to equipping the youth of Odisha with the vital skills needed to thrive in today's ever-evolving financial landscape.”

From April 2024 to March 2025, NSE conducted 14,679 Investor Awareness Programs across all 36 states & Union Territories in 14 languages, reaching more than 8 lakh participants. Under the Student Skilling Program more than 7500 students have been trained across various states.

Meet Vidya and Vasu – India's AI-Driven Financial Mentor by Research & Ranking

Research & Ranking, the equity investment advisory brand and a part of Equentis Wealth Advisory Services Private Limited, with Teacher’s Day around the brand has launched India's AI-driven financial Mentors Vasu and Vidya. Designed to empower individuals with comprehensive financial insights through engaging and visually appealing snackable content. Vasu and Vidya are among the early AI Financial Mentors in the BFSI industry in India.

Vasu and Vidya form a delicate balance between wealth creation and rational understanding., They will revolutionize how individuals perceive and understand various finance-related topics driven by AI. Through short videos, they will dive into personal finance, investing, budgeting, saving, and more complexities. The user-friendly format aims to make even the most intricate financial concepts accessible to a broader audience, enhancing finance understanding nationwide.

Alok Arya, Chief Marketing Officer (CMO), of Research & Ranking shares, “Our mission at Research & Ranking is to educate and empower individuals to create wealth by establishing trusted relationships with clarity, consistency, and compounding. We firmly believe that the right investment advice can help investors achieve their financial goals, and demystifying investments is the first step towards this aim. To this end, we are reiterating and enhancing the delivery of information by leveraging the capabilities of AI.”

He further adds, “The introduction of Vasu and Vidya marks our giant leap toward promoting financial education by presenting financial information as engaging and relatable. We envisage a future where individuals from all walks of life can confidently navigate the intricate landscape of finance, securing their financial well-being."

The AI-Driven Financial Mentors will cover diverse topics, catering to novice learners and those looking to expand their financial knowledge. Whether it's understanding the basics of stock market investing, or exploring strategies to grow wealth, these AI mentors will deliver expert guidance concisely and interactively.

How Are BFSI Players Saving Money and Resources With the Help of Technology ?

By Mr. Praveen Paulose, MD & CEO of Celusion Technologies

The rapid pace of technological change is becoming the most innovative force in the financial services ecosystem today. BFSI (Banking, Financial Services, and Insurance) has gradually adapted to the post-crisis regulatory framework, and business models have adjusted accordingly. 

BFSI (Banking, Financial Services, and Insurance) have resorted to advanced technology to enhance efficiency and assist game-changing innovative solutions while reducing costs and aiding legacy systems. Innovative technology makes it possible for niche financial services providers to reach their target client base and be financially viable.

State-of-the-art technologies are transforming financial services like payments, lending, insurance, and wealth management to make them more diverse, competitive, efficient, and inclusive. New business models are redefining market dynamics with innovative solutions built from the ground up and free from legacy systems. BFSI (Banking, financial services, and insurance) have begun to adopt advanced technologies that will transform their ability to amass and analyze information. Since the modern generation of customers demands better service, seamless experiences, and more excellent value from their purchases, regardless of the channel.

Mr. Praveen Paulose

The technological forces that are assisting BFSI players to save money and resources include:

Peer-to-peer transactions:

Financial enterprises that manage and initiate financial transactions from end to end put their capital at risk, thereby creating financial risks. With the evolution of peer-to-peer transactions powered by advanced technology, financial institutions may gradually play the role of an intermediary, as a minor stakeholder, or simply as a node in a network. Through the sharing economy, financial entities can utilize the advanced technology to find effective matches between capital providers and users rather than relying on banks as intermediaries.

Financial companies should strongly consider partnering with digital intermediaries or even end-users to tap into the sharing economy to deliver services at a much lower price. As in the current scenario, with the accessibility of technology, modern clients are drifting toward more economical fees, convenience, and ease of use. For example, peer-to-peer transactions are being utilized by 90% of the adult population in Kenya to manage deposits and payments.

Evolution of the digital wallet:

Digital wallets driven by technology allow consumers to send, store, and use money online securely, fast, and cost-effective. In addition to being a valuable service, it serves as a doorway into many lucrative bank services. The tap-and-pay mobile payment method provides young customers with a faster and easier user experience than typical plastic card transactions. Digital wallets are being adopted most widely by millennials. The current generation of consumers increasingly connects core transactional services with technology and new brands, which are not historically associated with financial assistance. India's digital wallet transactions were estimated to be worth 36.5 trillion rupees in 2020.

Customer intelligence:

Customer intelligence is the most critical factor to predict revenue growth and profitability. Technology advances have enabled financial companies to access exponential data to predict and analyze customer behaviour and patterns. By analyzing available data, financial institutions can offer the right offer to millennials at the right time when new opportunities open up. With hyper-connectivity, asset management will become more customizable. Big data analytics, sensor technology, and communication networks will enable financial enterprises to predict risks and customer demands more accurately than before. Several benefits would result, including sharper pricing and customer targeting and a change from reactive claims payer to proactive risk advisor.

Customization:

The benefits of digital commerce, such as speed and personalization, have shaped customers' expectations regarding financial services. Customers do not want generic mortgages, insurance policies, or investment plans; they want solutions that are customized, adaptive, and meet specific needs. For example, target-date investing automatically adjusts asset allocation based on the user's expected retirement age. The availability of advanced technology extends the accessibility of customized service and tailored solutions to mass consumers, and beyond that, earlier were only offered to high-profile clients. Financial enterprises have started adapting to AI-based client advisors for more customized solutions. Industries are using AI engines, pre-programmed with client manuals, past call histories, policy and procedure guidelines, and more to provide context-based service to the clients

Predictive analysis:

With the introduction of advanced algorithmic trading systems, financial companies are becoming better at predicting and responding to emerging trends. Financial services are addressing key pressure points, lessening costs, and alleviating risks with robotics and artificial intelligence. Artificial intelligence will play a significant role in fund design, including approving trades and dealing with investors. The banking sector uses AI to detect payments fraud and identify unusual behaviour of the client to combat market abuse and rogue trading by analyzing the past and forecasting customers' spending behaviour and location data from their smartphones and wearables.

Financial institutions are facing many challenges right now, including competition from new sources, demographic shifts, rising customer expectations, and a host of new regulations. By utilizing technology, financial institutions can reduce costs and enhance their operations.

Leading BFSI & FinTech Companies Come Together to Form the Largest Fintech Group At IAMAI

Leading BFSI and Fintech companies have collaborated to form the largest Fintech Group at IAMAI. The purpose of the group is to encourage collaboration, seek complementarities and build synergy between leading BFSI companies and the emerging Fintech start-ups.

The group comprises of 60 members from leading banks and technology start-ups including SBI, HDFC, ICICI Bank, IndusInd Bank, Kotak Mahindra Bank, BankBazaar, PolicyBazaar, i-Lend, Faircent, LendingKart, PNB Metlife, ClearTax, CoverFox, Scripbox, Indifi Technologies, Capital Float, Bill Desk, Itz Cash, PayPal, Chillr, Avenues India, MSwipe, among others. It is being chaired by Mr. Mrutyunjay Mahapatra, Dy. MD and CIO of State Bank of India and Co-Chaired by Mr. Adhil Shetty, CEO of Bank Bazaar.

Speaking about the group, Mrutyunjay Mahapatra, Dy. Managing Director & CIO – State Bank of India, said: “The mandate of the group is to reach out to the last person and bring him into the structure of the entire financial system and create trust and safety, by leveraging technology.”

This group represents the following segments - Credit, Payments, P2P Lending, Personal Finance and Technology. These segments have been carefully chosen to bring about that collaboration leading to trust and safety, which is the key to financial inclusiveness.

The group includes all the vital segments of the financial services in India and the vision of the group is to bring in safety and trust, which holds the key to bring in the last person to the financial structure, thereby ensuring inclusiveness.

On the need for such a group, Adhil Shetty, CEO – BankBazaar.com, said: "IAMAI Fintech Committee is a unique and important coming together of leading Financial Institutions, innovative FinTech Companies, Information Security Companies, and leading policy organisations. Thanks to IAMAI, all these organisations are collaborating to usher in secure digital financial services. The FinTech Committee will engage with all stakeholders on cashless and paperless financial services, information security and privacy standards, and create awareness of the benefits and security in paperless and cashless digital finance."

Commenting on the formation of the group, Dr Subho Ray, President, IAMAI, said: “Technology is moving fast and principle service providers such as banks and insurance companies need to work together to rapidly reach out and cover the last person and therefore bring efficiency in the system.”