Chennai-based fintech startup raises USD 1.3 million in seed funding

The startup, Finsire, builds lending enablement services, by permitting digital assets to be taken as collateral; it aims at allowing asset holders, who otherwise cannot do so, pledge their assets, for greater economic mobility

Updated - March 16, 2023 11:24 am IST

Published - March 16, 2023 10:59 am IST - CHENNAI

File photograph used for representational purposes only

File photograph used for representational purposes only

Chennai-based fintech startup, Finsire, has raised USD 1.3 million in a seed funding from strategic investors. The funding round saw participation from iSeed, Spark Capital, Devx, 1947 Rise, Adept ventures, Portal Angel Investors, Purple Matters, DeVC India and Lets Ventures. Founders of may prominent startups across India also participated in this round.

Finsire builds lending enablement services, by permitting digital assets to be taken as collateral. The solution allows banks, NBFCs (non-banking financial companies), fintechs, credit requirement distribution, and depositaries to maximise their lending capabilities.

Shreyans Nahar, CEO and co-founder of Finsire, said, “We are excited to build digitized, secure infrastructure for India. Indian households hold over USD 14 trillion in assets, and global household assets are over USD 400 trillion. Today, these assets are extremely hard to pledge. The idea is to allow the asset holder to do what they wish to do with their assets.”

Meet Semlani, co-founder, Tartan, a payroll and workforce management startup said, “ In today’s economic climate, it is essential to provide supportive infrastructure for banks, NBFCs and fintech institutions that rely on assets and income as collateral. These businesses form the backbone of our economy, and their growth and success are vital to the prosperity of our society. Moreover, providing access to capital and financing through asset-based lending can help bridge the gap between traditional banking and under-served communities, allowing for greater inclusion and economic mobility. In short, investing in infrastructure for asset and income-backed companies is not only a smart choice—it is the need of the hour,” he added.

The company said asset holders just needed convenient, trustworthy options to pledge their assets and it aimed at doing this. 

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