Finarkein Analytics, a data analytics startup focused on transforming financial services through data-driven solutions, has successfully raised $4.75 million in its pre-Series A funding round. The investment round was spearheaded by Nexus Venture Partners, with additional contributions from IIFL’s Fintech Fund, Eximius Ventures, and a group of angel investors.
The company is setting its sights on becoming a major player in leveraging India’s digital public infrastructure to enhance financial services. Finarkein’s innovative approach centers on harnessing the power of data to enable financial institutions—including banks, non-banking financial companies (NBFCs), and credit card companies—to make more informed decisions and optimize their operations.
Nikhil Kurhe, CEO of Finarkein Analytics, expressed enthusiasm about the company’s trajectory, noting a remarkable 10x increase in revenue over the past financial year. “We’ve scaled our revenue from a modest base and are on course to achieve a revenue run rate of $4-$5 million ARR by the end of this financial year,” Kurhe remarked. This impressive growth underscores the rising demand for data-centric solutions in India’s financial sector as organizations strive to become more data-driven.
Kurhe highlighted Finarkein’s crucial role in helping financial institutions leverage the account aggregator framework, a key element of India’s digital financial infrastructure. This framework facilitates secure data sharing and access, empowering financial institutions to gain valuable insights for more effective lending decisions, enhanced credit assessments, and improved customer experiences.
“Indian financial services organizations, whether they are banks, NBFCs, or credit card companies, are increasingly focusing on data-driven strategies,” Kurhe stated. “Finarkein is pivotal in this transition. We assist businesses in utilizing the account aggregator framework to publish and consume data, leveraging digital public infrastructure to their advantage.”
With its expertise in integrating with this framework, Finarkein is poised to play a significant role in the ongoing evolution of India’s financial sector.
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