Retail

Fintech firm BankSathi raises $4 million as Pre-series A round


Bangalore based social e-commerce platform BankSathi has raised $4 million in funding from Kotak Securities, Lets Venture, We Founder Circle, Hem Securities and IPV (Inflection Point Ventures).

The company has also received funding from Recur Club, Liquiloans, Sunil Singhania (Abakkus), Kunal Shah (CRED), Dr Ritesh Malik (Innov8), Kailash Biyani (Asian Markets), Mukul Rastogi & Bhaswat Agarwal (ClassPlus), Varun Alagh (MamaEarth), Sameer Rastogi (India Juris), Manish Dabkara (EKI Energy), and Mukund Modi (MS Fincap).

The funds will be used to invest in high-calibre employees across all the company’s operations and to accelerate the development of new products and technology. In addition, the organisation will invest resources toward growing both its agent network and geographic reach into new regions.

BankSathi is a social commerce fintech platform to empower consumers’ financial life by providing right financial products access to last mile users. It uses priority algorithms to recommend financial products to advisors based on the customer’s profile and past transactions. This helps both customers and advisors receive recommendations for the best products.

Jitendra Dhaka, Founder & CEO said in a statement, “People generally rely on their networks for recommendations, particularly when it comes to significant financial services. As a result, our distribution network of vetted agents provides the much-needed security to customers. we’re keen to make a big contribution in the prime minister’s mission ‘Develop India by 2047’ by increasing financial penetration through our tech empowered financial advisors. With this funding, we will be able to expand product, technology, and distribution network at a faster pace.”

Jaideep Hansraj, MD & CEO, Kotak Securities Limited said in a statement, “Today small and mid-sized financial advisors/micro-entrepreneurs are not able to directly work with financial institutions. BankSathi is enabling these micro-entrepreneurs to sell & earn extra income through selling financial products online and making themselves financially independent & educated.”

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BankSathi makes use of its network of agents to make recommendations for right financial products to its customers in Tier 2, Tier 3 cities and remote locations. The distribution technique used by the firm provides product suggestions in multiple financial categories including bank accounts, credit cards, loans, demat accounts and insurance policies. The lack of trust that exists in India is the primary barrier to the country’s adoption of financial products.

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