Ignosis has raised $4 Mn in its pre-Collection A spherical led by Peak XV Companions’ Surge, with participation from Razorpay Ventures, Power Ventures, CRED’s Kunal Shah and present buyers

The startup plans to make use of the contemporary capital to develop its AI product roadmap, scale enterprise adoption and deepen its governance and compliance efforts

Ignosis is an account aggregator infrastructure and monetary knowledge intelligence platform that helps banks, NBFCs, insurers and wealth managers take extra correct underwriting and advisory choices

Fintech startup Ignosis has raised $4 Mn in its pre-Collection A spherical led by Peak XV Companions’ Surge, with participation from Razorpay Ventures, Power Ventures, CRED’s Kunal Shah and present buyers.

The startup plans to make use of the contemporary capital to develop its AI product roadmap, scale enterprise adoption and deepen its governance and compliance efforts. Cofounder and CEO Nirav Prajapati advised Inc42 that compliance is as essential as scale in a sector the place client belief and knowledge safety are vital.

Based in 2022 by Prajapati and Chintan Sheth, Ignosis is an account aggregator infrastructure and monetary knowledge intelligence platform that helps banks, NBFCs, insurers and wealth managers take extra correct underwriting and advisory choices. It claims to be already working with greater than 125 monetary establishments.

The Ahmedabad-based startup claims that its platform is aligned with the RBI’s account aggregator framework and the DPDP Act 2023, which it says will assist monetary establishments innovate whereas safeguarding client privateness.

Ignosis’ platform permits safe, consent-driven sharing of economic knowledge underneath the account aggregator framework. This permits shoppers to share revenue and monetary information immediately from the supply to a regulated service supplier when making use of for loans, insurance coverage insurance policies or funding merchandise. 

The startup’s AI stack builds on this knowledge to ship revenue detection, fraud and danger indicators, and personalised insights. Prajapati mentioned this opens the door to hyper-personalised merchandise. As an illustration, a wealth advisor may suggest micro-investments primarily based on a person’s month-to-month spending and saving behaviour.

The cofounder claimed that Ignosis turned worthwhile in FY25 after breaking even in FY24, and is rising greater than 100% year-on-year. It presently has a 35-member workforce. Prajapati mentioned that Ignosis will proceed to develop with out compromising profitability.

The funding comes at a time when there’s a wave of AI-led fintech startups constructing on India’s digital public infrastructure. Startups are more and more layering intelligence over legacy techniques to modernise underwriting, widen entry to credit score and allow personalised monetary providers at scale. 

As an illustration, Oolka just lately raised $7 Mn seed funding for an AI-driven compensation and credit score administration platform.