Mumbai-based banking and digital lending infrastructure provider Knight FinTech has raised USD 23.6 million (~INR 212.56 crore) in a Series A funding round led by Accel, marking a significant milestone in the company’s growth journey and taking its total funding to approximately USD 30 million (~INR 270 crore) following a multi-tranche raise.
Knight FinTech Series A round also saw participation from IIFL and Rocket Capital, along with continued backing from existing investors Prime Venture Partners, 3one4 Capital, Commerce VC, and Trifecta Capital.
Building Core Financial Infrastructure at Scale
Founded in 2019 by Kushal Rastogi and Parthesh Shah, Knight FinTech operates at the intersection of banks, NBFCs, fintech platforms, and borrowers. The company builds core infrastructure that enables co-lending, digital lending, embedded finance, supply chain finance, and treasury management, positioning itself as a bridge between surplus institutional capital and credit demand generated by fintechs and lenders.
At present, Knight FinTech supports more than 150 partnerships across 85 lenders, including marquee institutions such as Bank of Baroda, Bank of India, ICICI Securities, IIFL Finance, Bajaj Auto, Muthoot Fincorp, and NABARD.
According to company disclosures, its platform has facilitated cumulative loan disbursements exceeding USD 7 billion (~INR 63,000 crore), manages over USD 5 billion (~INR 45,000 crore) in active assets, and oversees more than USD 125 billion in treasury assets, underscoring its deep integration into the financial ecosystem.
Strategic Use of Capital: AI and International Markets
Knight FinTech Series A capital will be deployed to strengthen the company’s AI-driven product suite, with a focus on risk intelligence, automated credit underwriting, fraud detection, portfolio monitoring, and debt recovery. These capabilities are increasingly critical as lenders prioritise efficiency, compliance, and asset quality amid tightening credit cycles.
Geographic expansion is another core priority. The company plans to scale its footprint beyond India, targeting Asia-Pacific and Gulf/Middle East markets, regions witnessing rapid digitisation of financial services and growing demand for modern lending infrastructure.
As part of this global push, Knight FinTech has onboarded Sanat Rao, former global CEO of Infosys Finacle, as an investor and board adviser—adding significant domain expertise and international credibility.
Financial Performance & Growth Outlook
For FY25, Knight FinTech reported revenue of INR 31.5 crore (~USD 3.5 million), alongside a net loss of INR 16 crore (~USD 1.8 million)—a profile typical of infrastructure-led fintechs investing heavily in product development and market expansion.
Looking ahead, the company has articulated ambitious targets: scaling annual revenues to USD 85–100 million over the next four years and expanding assets under management beyond USD 50 billion, signalling confidence in both market opportunity and operating leverage.
Knight FinTech’s revenue model is diversified across software licensing, implementation fees, and recurring charges linked to assets under management, providing visibility and scalability as transaction volumes grow. The company currently employs over 350 people.
Competitive Landscape
Knight FinTech operates in a competitive but expanding segment, facing peers such as Perfios, Zeta, M2P Fintech, YAP, and CreditEnable. However, its strong traction in co-lending and treasury management—two capital-intensive, high-trust domains—offers meaningful differentiation.
Final Words
Accel’s backing at Knight FinTech Series A funding stage validates execution and market positioning in India’s rapidly evolving financial infrastructure layer. While near-term profitability remains secondary to scale and product depth, the company’s transaction volumes, institutional client base, and international ambitions position it as a serious contender in the global fintech infrastructure space.
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