FinTech platform BankSathi raises Rs 4 crore funding from Hem Angels and Reputed Entrepreneurs

BankSathi, an AI-enabled fintech concept to empower consumers to save money and time on financial products through safe, easy, and trustable shopping, today announced that it has secured Rs 4 crore funding from Hem Angels and Reputed Entrepreneurs including Founder, Dinesh Godara - TREAD Founder, Anuj & Aditya – StudyBase founders and Rajendra Lora, Founder & CEO Freshokartz.

Hem Angels backed BankSathi with seed funding which was Virtually incubated at Nasscom 10000 Startups.

Commenting on securing Rs 4 crore funding, Jitendra Dhaka, CEO & Founder of BankSathi, said, "The funding comes as a big boost for us, especially at the time when many fintech startups and players are struggling to meet the basic demands amid pandemic crisis. The inflow of Rs 4 crore funding clearly signifies the kind of trust and belief investors have in Banksathi as a fintech product."

"BankSathi is geared up to grow in leaps and bounds since it is one the rare fintech platforms where customers are guided to the right financial product from the right bank or NBFC. Moreover, enabled by AI, it is also a thoughtfully accented concept where individuals (from all the profiles) are offered career options as a financial advisor and make income flexibly."

Banksathi is currently offering Saving accounts, Demat accounts, Credit cards, Personal loans and Business loans on their platform. Also plans to expand their product portfolio into insurance. Banksathi continues to grow 60 per cent every month with 34k active advisors on the platform and has clocked a September month revenue of Rs 2 crore in which they have distributed Rs 1.6 crore of commission to their advisor.

Hem Angels are part of Hem Securities Limited, having experience of 4 decades in Financial Markets. It focuses across multiple sectors, asset-light scalable business model, business with existing customers and steady revenue traction.