Upswing secures $4.2 million for developing products in deposits and lending

In a recent pre-Series A funding round, Fintech startup Upswing has successfully raised $4.2 million, led by Quona Capital. This latest funding round brings Upswing’s total funding to $8.2 million since its inception. 

The Pune-based startup had previously secured $4 million in February 2022, led by QED Investors, with notable participation from investors like Kunal Shah, Jitendra Gupta, Rajan Bajaj, and Lalit Keshre.

Established in 2021 by Anupam Bagchi and Nihar Gupta, Upswing operates as a banking-as-a-service platform, aiming to assist companies in swiftly launching new banking products. The platform’s customizability, simplicity, and modularity aim to minimize integration efforts for consumer tech players looking to introduce financial products such as savings accounts, deposits, and lending services.

As highlighted by the founders, “Upswing’s low-code banking-as-a-service platform allows client companies to embed banking products, and its multi-bank deposit stack is operational across multiple consumer platforms.” This emphasizes Upswing’s focus on providing an efficient and versatile solution for integrating banking services into various consumer applications.

The latest funding injection is expected to fuel the expansion of Upswing’s multi-bank deposit product, allowing it to reach a broader audience. Simultaneously, the funds will be instrumental in the development of innovative products centered around deposits and lending, showcasing Upswing’s dedication to continuous innovation in the fintech space.

In the words of the founders, “The fresh proceeds will be used to expand the reach of its multi-bank deposit product as well as help build new products around deposits and lending.”