India’s financial technology sector continues to attract significant investment, with Account Aggregator platform Ignosis announcing a USD 4 million pre Series A funding round. The investment, spearheaded by Peak XV’s Surge, marks a pivotal moment for the Ahmedabad based startup as it seeks to bridge critical gaps in the country’s financial services ecosystem.
Addressing India’s Credit Access Challenge
Co-founded by Nirav Prajapati and Chintan Sheth in 2022, Ignosis has positioned itself as an enterprise focused solution to one of India’s most persistent economic challenges. Current industry data reveals that more than 160 million Indian consumers lack adequate access to credit services, while nearly 80 percent of micro, small, and medium enterprises struggle to secure formal financing. These statistics underscore a fundamental disconnect between traditional lending institutions and vast segments of the population.
The funding round attracted notable participants including Force Ventures, Razorpay Ventures, and Cred founder Kunal Shah, alongside existing investors. This follows the company’s earlier USD 1.49 million raise from Angel List and other backers.
Technology Driven Financial Inclusion
Ignosis operates as a financial data intelligence platform built on Account Aggregator infrastructure, a consent based framework enabling secure data sharing between financial institutions. The company distinguishes itself through artificial intelligence powered analytics that deliver income verification, expenditure pattern analysis, wealth assessment, and fraud detection capabilities.
By leveraging compliance with Reserve Bank of India regulations and Digital Personal Data Protection standards, Ignosis provides financial institutions with reliable tools to evaluate creditworthiness among previously underserved demographics.
Strategic Growth Initiatives
The newly acquired capital will support several strategic priorities. Ignosis plans to expand its engineering, business development, and compliance divisions while investing in specialized large language models designed for financial services applications. The company is also developing agentic AI systems, autonomous artificial intelligence capable of independent decision making specifically tailored for banking and insurance sectors.
Co-founder Nirav Prajapati draws parallels between the Unified Payments Interface revolution in digital transactions and the potential trajectory of Account Aggregator systems. His vision positions Ignosis as foundational infrastructure rather than a consumer facing application, targeting an addressable market of over 300 million underserved Indians across credit, wealth management, and insurance verticals.
As India’s digital financial ecosystem matures, infrastructure players like Ignosis may prove instrumental in extending formal financial services to previously excluded populations.
