India-based fintech company BankSathi has raised a pre-series A found of USD 4 mln to expand in new geographic areas and invest in growing its agent network. The received funds will be used to invest and hire capable employees that will cover all the company’s operations.

Furthermore, the process of developing new products and technologies will be accelerated, as the organisation will invest in resources and researching tools as well. The funding has been given by multiple businesses, the first mentioned being Kotak Securities, Lets Venture, We Founder Circle, IPV (Infection Point Ventures), and Hem Securities. According to the company’s CEO, when it comes to financial services, a lot of users rely on their networks for recommendations or ideas.

BankSathi’s distribution network provides their customers with services that are secure, fast and reliable. Through their financial advisors, the company was able to help increasing financial penetration in their country. This funding will offer BankSathi the opportunity to expand its product vision and demand, and its technology.

Additionally, it will allow the network distribution to be used at a faster, more efficient pace. BankShati’s expansion strategy Located in India, BankShati is a digital advisory platform that offers to its clients financial advisers. This provides the customers and financial institutions the possibility to develop their digital presence in the industry and to begin selling financial products and services online.

The social commerce fintech platform raised a funding of USD 485,000 (INR 40 mln) back in late 2021. According to the press release, the funders were Hem Angels and Reputed Entrepreneurs, who invested in the company aiming to give people career options as a financial advisor, while making income flexible and more secure. Earlier in the same year, BankSathi announced the raise of USD 200 thousand as its seed round from angel investors.

This fund was used to develop their products, such as the algorithm that recommends financial products to advisors based on the customer’s profile and past transactions. This service helps customers and advisors receive recommendations based on their preferences for the products. Some other services to their clients are a variety of credit cards, zero balance saving accounts that allow users to earn more on their savings, personal loans, home loans, or business loans, demat, and trading accounts that can be opened online fast and secure, as well as EMI cards, that offer users the possibility to turn their purchases into electronic money institutions (EMIs).

The expansion on multiple other geographies will help with the company’s growth process, as well as presenting their services to new clients. At the moment, BankSathi’s users can start their own business without any investment, as the company follows a zero-investment policy. Furthermore, they can get the payout credited into their personal account fast and secure, while being assisted by a training a guidance team.

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