Fintech startup Finsire, announced on Wednesday that it has raised $1.3 million in seed funding. The funding round was led by DevX Venture Fund, with participation from other strategic investors such as iSeed, Spark Capital, and Portal Angel Investors, among others.
According to a statement from the company, Finsire offers lending enablement services that allow digital assets to be taken as collateral. This solution helps banks, NBFCs, fintechs, credit requirement distribution, and depositaries to maximise their lending capabilities. The company said it aims to tap into the massive market opportunity of global assets, estimated at $400 trillion.
Speaking on the occasion, Umesh Uttamchandani, Co-Founder of DevX Venture Fund, expressed his excitement about Finsire's vision of changing how consumer finance works in India. He also emphasised the need for convenient and trustable options for asset holders to pledge their assets, including salary and mutual funds.
Shreyans Nahar, CEO and Co-founder of Finsire, shared that he is excited about building the digitised secured infrastructure for India. He highlighted the challenges of pledging assets in India, which his company aims to solve by allowing asset holders to do what they wish with their assets.
Finsire's funding round also received positive feedback from other investors, such as Shiva Singh Sangwan, Founder of 1947Rise, who praised the company's long-term vision of collateralising the vast majority of assets in the country. Meet Semlani, Co-founder of Tartan, also expressed his excitement about investing in infrastructure for asset and income-backed companies, which he considers to be the need of the hour.
