- Indian BaaS startup Upswing bagged $4.4M to boost deposit offerings for fintechs.
- It provides infrastructure enabling rapid financial embedding amidst huge demand.
- Competitors also ride India’s digital banking tailwinds for the underbanked.
Funding boost for BaaS expansion
India strives to expand financial access, and banking-as-a-service (BaaS) startups enable fintechs and third parties to embed offerings rapidly.
Indian BaaS provider Upswing closed a $4.4 million pre-Series A round this week to boost its deposit product distribution.
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Ballooning demand
The funding comes as India’s BaaS segment sees ballooning demand, with an estimated market value of $14 billion.
Upswing’s low-code platform allows partners to integrate banking capabilities like accounts in days versus traditional timelines.
The fresh capital will fuel customer acquisition and geographic reach for Upswing’s deposit pipeline, along with new lending products on the horizon.
The startup previously secured $4 million in seed backing in late 2021.
Competition and industry dynamics
Upswing competes against other Indian BaaS enablers like Zolve, Falcon, and Niyo, also riding tailwinds from swelling unbanked and underbanked populations seeking financial access.
As India continues, its digital banking pushes, BaaS traders like Upswing equip the support infrastructure for consumer fintech innovation and inclusion at scale.
