Wednesday, 7 August 2024, Bengaluru, India
FINQY is a fintech platform that allows secure real-time transactions and offers various financial services. The startup secured 2 million USD in its fresh funding round from Angel Bay Accelerator. The funding round has the participation of family offices and several private investors. The startup plans to use these fresh proceeds to scale its operations, enhance its platforms, and advance its financial services network in India.
The company aims to create a secure digital fintech platform with a range of financial products such as insurance, loans, credit cards, and investment options. The platform also provides easy X-sell and Up-sell opportunities to its users. The company intends to strengthen its market presence while increasing its customer reach across India. FINQY previously secured $839k in its seed funding round in 2022. The funding round included Angel Bay, Anvita Varshney, and other investors. The platform uses cutting-edge and advanced technologies to enhance its user engagement and facilitate decision-making. The application helps streamline complex finance-related decisions involving insurance and loans. It also offers customized loaning options according to customers’ requirements.
The startup operates its services in more than 30 offices across 24 cities. The company provides its application in 2 countries with the help of 100 banking and financial partners. The data intelligence platform, traxcn mentioned that the firm secured around $1.19 million across two rounds since its inception, excluding the fresh funding round. The company had a post-money valuation of 10.2 million USD as of May 2024. The startup reported its annual revenue of Rs 26.6 crore on May 31, 2023. The investment shows the trust of investors in FINQY’s market potential and business model.
The fintech startup claims to have reached a revenue of 9.8 million USD in FY24. The company operates in the B2B2C business model and it enables its partners to offer its financial services to their customers. The company allows integration of its application into other platforms to provide credit cards, insurance, and other financial opportunities among these products. The startup follows a different business model that makes it different from other fintech applications. The startup aims to make financial services easily accessible, and transparent to everyone. The development came just after the Indian fintech sector gained increased investor interest. FINQY competes with Kaleidofin, PayNearBy, and others.
Conclusion:
FinQY is a fintech startup based in Mumbai that secured $2 million in its latest funding round from the participation of Angel Bay Accelerator, Family offices, and other private investors. The company intends to use this fresh capital to enhance its platform, scale its operations, and expand its services. The digital platform provides various financial services including insurance, loans, credit cards, and investment options. The company aims to develop a secure platform for real-time transactions and loaning services. The startup has 30 offices in 2 countries across 24 cities. The company offers its services with the help of 100 financial and banking partners. FinQY faces competition from other companies in the same segment including PayNearBy, insta Duit, and more.
