Knight FinTech Raises $23.6m Series A as Infrastructure Fintechs Gain Ground in India

Accel-led round backs backend lending and treasury platforms powering banks and NBFCs at scale

Knight FinTech, an India-based fintech company, has secured $23.6 million (approximately ₹215 crore) in a Series A round led by Accel, according to media reports. The startup develops core technology infrastructure that enables banks and financial institutions to run lending and treasury operations at scale.

Alongside Accel, the round drew fresh participation from Rocket Capital and IIFL Finance, with existing backers including 3one4 Capital, Prime Venture Partners, Trifecta Capital, and Commerce VC also returning. The latest raise takes Knight FinTech’s total funding to over $30 million.

Betting on Infrastructure:

Rather than serving end consumers directly, Knight FinTech positions itself as an infrastructure layer for regulated banks and NBFCs. Its systems power core processes such as portfolio monitoring, treasury operations, loan servicing, and credit origination, supporting deployment across embedded finance, co-lending, digital lending, and treasury workflows.

This positioning has become increasingly attractive to investors. As lending volumes grow and regulatory scrutiny tightens, financial institutions are prioritising robust, compliant infrastructure over rapid front-end experimentation. Backend fintechs that can plug into existing systems and scale with balance sheets are seeing renewed interest.

The company said the fresh capital will go toward strengthening its technology stack and pushing ahead with AI-driven product development. Planned investments include tools for risk-based credit decisions, fraud monitoring, early warning systems, portfolio insights, and recovery workflows. In parallel, Knight FinTech is preparing to enter markets in the Middle East and Asia-Pacific, where lenders are moving faster toward digital lending and treasury systems.

Scale That Goes Beyond Pilots

Operational metrics suggest Knight FinTech has moved beyond pilot deployments—a common bottleneck for enterprise fintech startups. Over the past three years, the company has enabled more than $7 billion in cumulative loan disbursements and currently manages over $5 billion in active assets under management.

It adds close to $1 billion in new loan disbursements every quarter and has reported around 120% year-on-year growth for three consecutive years. Separately, its treasury systems manage assets exceeding $125 billion, reflecting adoption at the balance-sheet level rather than the edge.

Its client base includes institutions such as UCO Bank, Bank of Baroda, ICICI Securities, IIFL Finance, and Kotak Prime, according to media reports.

Founders, Focus, and Expansion Plans

Founded in 2019 by Kushal Rastogi and Parthesh Shah, Knight FinTech is headquartered in Mumbai and operates out of Singapore. Rastogi has emphasised building resilient systems and long-term institutional partnerships over rapid consumer growth.

“We chose to keep innovation and client obsession at the centre, while building a business with strong unit economics and resilient systems,” Rastogi was quoted as saying in media reports, adding that co-lending and treasury are already operating at scale.

As part of its global push, former Infosys Finacle global CEO Sanat Rao has joined Knight FinTech as an investor and board advisor to support international expansion.

Why This Round Matters

Knight FinTech’s Series A highlights a broader shift in India’s fintech landscape. As lending volumes rise and margins tighten, value is moving toward infrastructure providers that enable scale, compliance, and efficiency for regulated players—rather than those competing for end consumers.

With total funding now at around $30 million, Knight FinTech is targeting annual revenue of $85–100 million and plans to scale assets under management beyond $50 billion over the next four years. If it executes well, the company could become a core systems provider for lenders operating across India and other emerging markets—an outcome that would place it firmly in the next tier of enterprise fintech companies to watch.

Quick Takeaways

• Accel-led Series A: Knight FinTech raised $23.6 million to scale its backend lending and treasury infrastructure for banks and NBFCs.
• Infrastructure-first model: The company operates behind the scenes, focusing on core systems rather than consumer-facing financial products.
• Strong operating scale: Knight FinTech supports billions in loan disbursements and assets under management, signalling adoption beyond pilot deployments.
• AI-driven expansion: New funding will deepen capabilities in risk, fraud, analytics, and recovery, while accelerating its AI roadmap.
• Global ambitions: The startup is targeting expansion into the Middle East and Asia-Pacific, alongside its India and Singapore base.