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IIFL, Varanium back NBFC startup Finvu in seed round

Credit: 123RF.com

Cookiejar Technologies Pvt. Ltd, which runs non-banking financial company (NBFC) Finvu, on Wednesday said it has raised $2.5 million (around Rs 19 crore) as a part of its seed funding round from Varanium NexGen Fund, IIFL, DMI Sparkle Fund and M2P, among others.  

The Pune-based company plans to use the fresh proceeds to expand its engineering team, business development and boost product offerings. 

Founded in 2016 by former HSBC executives Munish Bhatia, Manoj Alandkar and Praveen Prabhu, Finvu enables sharing of trusted data between financial institutions.   

The company in a statement claimed that since October, it has processed over 750,000 consent requests and executed over 2 million API calls. 

“The future of financial services will change with the account aggregator (AA) ecosystem and new use cases are being developed. Excited to get support from our investors who believe in this and our part of our journey,” said Bhatia and Alandkar, Finyu co-founders.  

Varanium NexGen Fund is an early-stage venture capital fund led by Varanium Capital Advisors. The Mumbai-based fund invests in B2B, fintech, cybersecurity and insurtech startups.

"Account aggregator framework is the backbone of India’s data economy. While UPI facilitates the transfer of value, account aggregators facilitate the transfer of data with user consent. With impetus provided by the RBI and MeitY, this is going to be an integral part of embedded finance going ahead,” said Aparajit Bhandarkar, partner at Varanium Capital.   

Indian NBFCs have been garnering investors’ attention for quite some time.  

In May, International Finance Corporation (IFC), the private investment arm of the World Bank, proposed to make debt investments of up to $450 million (around Rs 3,465 crore) in two Indian non-bank lenders, Cholamandalam Investments and Manappuram Finance Limited. 

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