Key Highlights
Finarkein’s journey evolved from a robo-advisory idea to a B2B data aggregation model, addressing data access gaps for Indian businesses and financial services.
Leveraging the RBI’s 2016 Account Aggregator framework, Finarkein now powers 41% of AA ecosystem volume with 60+ use cases, making data accessible to institutions nationwide.
Built on India’s Public Digital Infrastructure, Finarkein’s APIs integrate with India Stack and UPI to enhance financial inclusion through secure, user-controlled data access.
Recognised at SamvAAd 2023 for impactful solutions in affordable insurance and housing, Finarkein continues to drive value across the ecosystem.
As Titanium Sponsor of SamvAAd 2024, Finarkein aims to expand its role in India’s Open Digital Ecosystem, advocating for broader financial inclusion.
Origins of Finarkein
When Finarkein’s founders embarked on a mission to revolutionise how financial data is accessed and used in India, the landscape was vastly different. Finarkein’s story isn’t just one of innovation; it’s one of partnership with the digital infrastructure that India has meticulously built over the past decade.
The founders initially worked together and some had a keen interest in financial services, particularly quantitative finance. They realised that there was an opportunity for a robo-advisory solution but faced challenges due to the difficulty in accessing data. Eventually, their focus shifted to a B2B aggregator model, leveraging multiple data pipes and solving data access issues that many businesses struggled with. When the RBI’s Master Direction 2016 for Account Aggregators highlighted the potential of the Account Aggregator framework, Finarkein saw the opportunity to simplify a complex, unsolvable problem into one that could drive immense value.
Finarkein was born in 2019 with a mission to create accessible, user-driven financial ecosystems that empower individuals and organisations alike, using the Open Digital Ecosystems being developed in India. The founders’ expertise in data management and scale allowed them to turn technical challenges into opportunities that help businesses make sense of data.
Building Trust and Scaling Responsibly in India’s AA Ecosystem
Over the years, Finarkein has achieved significant scale in the Indian market, without overpromising to customers. This approach has earned them strong feedback and credibility, particularly after raising $4.75 million in funding from investors like Nexus Venture Partners. FInarkein’s journey over the last five years has been a testament to building trust and reliability in a rapidly evolving sector.
Finarkein is one of the earliest technology partners of India’s Public Digital Infrastructure. Today, it powers 41% of the entire Account Aggregator ecosystem volume, boasting over 60 active use cases. Finarkein has been instrumental in driving adoption and acquiring critical feedback that has shaped the next generation of solutions. It also plays a key role in other DPI protocols such as OCEN and ONDC.
India’s remarkable growth in Public Digital Infrastructure has been one of the key enablers of Finarkein’s success. With systems like India Stack and the Open Digital Ecosystem (ODE) framework, the country has made strides in democratising access to financial services through platforms like UPI, Aadhaar, and more recently, the AA framework.
These digital tools have allowed Finarkein to build upon a robust foundation, creating APIs that seamlessly integrate with existing systems, helping financial institutions unlock the full potential of consumer data.
Finarkein’s foundation is built on trust, particularly through data privacy. Users can control who accesses their data, giving them agency in their financial decisions.
Innovating for Social Impact
Our work in enabling affordable insurance and housing access through the AA framework has garnered significant recognition, including accolades at SamvAAd 2023 for its pioneering efforts in leveraging the power of India’s Open Digital Ecosystems to create scalable, impactful solutions.
Looking Ahead
As Finarkein continues to innovate and expand its offerings, we are excited to announce that we will be the Titanium Sponsor for SamvAAd 2024. This event is a prime platform to explore the future of Open Digital Ecosystems and dive deeper into the possibilities of the Account Aggregator framework.
Catch us at SamvAAd 2024 to learn more about how we are driving financial inclusion and revolutionising the way data is accessed and used. See you there!
