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India is witnessing a surge in banking-as-a-service (BaaS) solutions. The BaaS sector, which primarily facilitates third-party fintech entities with banking products, reached a valuation of $14B in 2022.

  • Funding News: Upswing Financial Technologies, an Indian BaaS startup, recently completed a pre-series A funding round, amassing $4.4M. The round was steered by Quona Capital, with the global fund QED Investors also pitching in.
  • Company Overview: Upswing, founded in 2021 by Anupam Bagchi and Nihur Gupta, is a BaaS platform committed to enabling consumer companies to deliver digital financial services to their customers. The startup’s innovative low-code BaaS product expedites the integration of banking services, significantly outpacing traditional methods.
  • Past Achievements: The company had previously secured a seed round in December 2021 amounting to $4M.

Upswing is part of a burgeoning BaaS space in India, with competitive ventures that include Falcon, Mahila Money, Niyo, and Zolve.

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