Funds will be used to expand Fixerra’s reach as a multi-bank FD suite as well as build banking as a service with leading financial institutions. Fixerra plans to become a digital mall for banks.
Mumbai, January 24, 2024:
Embedded Finance startup Fixerra Pvt Ltd, formerly Fixed Invest, has announced that it has raised INR 14 crore in a seed round from marquee Angel investors and family offices.
Prominent industry leaders like Jaideep Hansraj, Managing Director of Kotak securities, Shailesh Haribhakti, Chairman of Shailesh Haribhakti & Associates, Oisharya Das, CEO of Kotak Private were some of the investors who also participated in this round.
The round also witnessed investments from the family office of Harish Shah, a veteran industrialist and Managing Director of Signet Excipients Pvt Ltd along with angel investor Shivang Desai.
With the fundraise, Fixerra also announces that it has rebranded itself from its earlier avatar Fixed Invest, which is a marketplace for Fixed Deposits. With the rebranding Fixerra expands its horizon to be comprehensive banking as a service provider.
Fixerra will help digital businesses launch banking products quickly and compliantly.
On the funding, Shailesh Haribhakti, Chairman of Shailesh Haribhakti and Associates, said , “We are excited to back Fixerra’s vision to bridge a gap between banks and fintechs that helps enable consumers to explore a broader range of superior banking services.”
Currently, Fixerra is actively expanding its banking partnerships and enhancing its product with additional features.
It has charted out an aggressive growth roadmap and wants to power over 200 digital businesses with its banking as a service suite over the next 3 years.
Founder and CEO of Fixerra, Akshar Shah, outlined the company’s strategic vision, saying, “We want to become a digital mall for banks. Over the next 3 years, we are going to focus on building infrastructure for marketplaces across multiple banking products.”
Akshar Shah brings a wealth of experience from the financial space. With a background as a banker, investment advisor, and product manager, Akshar played an integral role at Kotak Mahindra Bank.
As part of the five-member portfolio advisory team at Kotak Investment Advisors, he sat across investment committees of some of India’s largest family offices, advising on assets totalling over Rs 20,000 crore as the lead advisor. Post that, he was also in the leadership team of Kotak’s inhouse fintech app – Kotak Cherry.
He has topped finance at XLRI Jamshedpur and is also a CFA charter-holder.
About Fixerra
Fixerra is an embedded finance startup helping digital businesses launch banking products quickly and compliantly.
It has built an easy to integrate fixed deposit gateway with partnerships across seven banks and NBFCs.
The platform leverages API-enabled banking infrastructure with different deposit-taking financial institutions addressing the entire fixed deposit lifecycle, from discovery to post-investment services.
Investment platforms, independent financial advisors, wealth houses and even payment apps can customize fixed deposit offerings for their clients and go live within a week with a white-labeled solution.
