Knight FinTech raises $23.6m in Accel-led Series A round

India-based Knight FinTech, a exertion supplier to banks and fiscal institutions, has raised $23.6m successful a Series A backing circular led by Accel.

The circular included information from IIFL and Rocket Capital, portion existing investors specified arsenic Prime Venture Partners, 3One4 Capital, Commerce VC and Trifecta Capital besides joined.

Knight FinTech said the backing brings its full superior raised to $30m.

Mumbai-headquartered Knight FinTech was founded successful 2019. As a banking and integer lending infrastructure provider, it provides its clients platforms for co-lending, integer lending, embedded concern and treasury management.

According to a Moneycontrol report, the company’s clientele includes UCO Bank, Bank of Baroda, Bank of India, ICICI Securities, IIFL Finance, and Kotak Prime among others.

Over the past 3 years, it has enabled much than $7bn successful cumulative disbursements and the institution supports astir $5bn successful progressive assets nether management.

The fintech steadfast plans to utilise the caller proceeds to bolster capabilities successful fraud detection, aboriginal informing systems, portfolio analytics and indebtedness recovery.

Knight FinTech laminitis and CEO Kushal Rastogi was quoted by the work arsenic saying: “We chose to support innovation and lawsuit obsession astatine the centre, portion gathering a concern with beardown portion economics, resilient systems and semipermanent partnerships.

“Co-lending and treasury are already operating astatine scale, portion embedded concern and integer lending are accelerating.”

The institution present aims to execute $85m–100m successful yearly gross and plans to standard assets nether absorption beyond $50bn implicit the adjacent 4 years.

"Knight FinTech raises $23.6m successful Accel-led Series A round" was primitively created and published by Retail Banker International, a GlobalData owned brand.

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