Open-finance platform Fego.ai has raised $1.5 million (around Rs 11 crore) in seed capital from 3one4 Capital, Saison Capital, Eximius Ventures, First Cheque and Speciale Invest, the company said in a statement on Wednesday.
Other investors who participated in the funding round include Kunal Shah (Founder, CRED), Suhail Sameer (CEO, BharatPe and Managing Partner, OTP Venture Partners), Shashvat Nakrani (Co-Founder, BharatPe), Lalit Keshre (Founder, Groww), Madhusudhanan R and Prabhu Rangarajan (Co-Founders, M2P Fintech) and Aprameya Radhakrishna (Founder, Koo), it added in the statement.
The company plans to use the funds to strengthen and expand its developer offerings and build its team.
Founded in 2020 by S Kumar Srikanthan and S Kumar Srivatsan, Fego.ai offers an open-finance product stack for developers and companies to embed insightful financial experiences and personalise user engagement.
Its application program interfaces (APIs) help companies to build on top of Fego.ai to connect users’ financial accounts, enrich customer experience and understand users’ financial behaviour across use-cases like lending, know your customer (KYC), collections and wealth in a secure manner.
According to the statement, the Fego.ai team also plans to expand across select geographies with strong open-banking frameworks and similar transaction data infrastructure. Fego.ai aims to become a horizontal open-finance player across Web2.0 and Web3.0, serving as a centralized finance (CeFi)-decentralized finance (DeFi) bridge to solve various problems including over-collateralisation currently troubling the DeFi landscape, it added.
The broader fintech space has continued to attract investor interest in the past months.
Uthaan Technologies Pvt Ltd, which operates Microfinance.ai, raised $200,000 (Rs 1.5 crore) in a pre-seed funding round led by We Founder Circle.
Last month, fintech startup Recordent raised $400,000 in an angel funding round from IIM Calcutta Innovation Park.
