RootFi, a Bengaluru, India-based B2B SaaS startup that provides a unified API for business financial data, raised $1.5 million in seed funding from investors including Y Combinator, Soma Capital, and Pioneer Fund.
Individual investors such as Arash Ferdowsi (founder and ex-CTO of Dropbox), Alan Rutledge, Samvit Ramadurgam (founder of Forge), Amit Goel (founder of Medici, Global & India Head of Prove), Anmol Maini, and Vedica Kant (partners at Untitled Ventures) also participated in the round.
This investment will be used to expand its coverage across different regions and categories such as e-commerce, CRM, payments, and more. RootFi will be scaling its team based in Bangalore over the next year.
RootFi’s vision is to be the easiest way for B2B companies to interact with their customers' business financial data through its unified API.
“We look forward to expanding our coverage into regions such as Middle East, South-East Asia and Africa.” -said, Ishwar Gogineni, CEO of RootFi.
The startup is working with 25+ fintech, SaaS, and financial institutions to power technology for credit underwriting, accounting automation, and business financial management.
Company: RootFi Inc.
Round: Seed Round
Funding Month: May 2023
Lead Investors: Y Combinator, Soma Capital, and Pioneer Fund
Additional Investors: Arash Ferdowsi, Alan Rutledge, Samvit Ramadurgam, Amit Goel, Anmol Maini, and Vedica Kant
Company Website: https://www.rootfi.dev/
Software Category: API-based Lending-as-a-Service Solutions
About the Company: Founded in 2022 by Ishwar Gogineni, Sidharth Rao, and Parth Shah, RootFi is an online platform offering API-based lending-as-a-service solutions that allow its users to build, customize, launch, and manage their loan or credit products. It also offers data sources for credit and transaction data aggregation from pre-integrated licensed lenders and payment solutions. RootFi products can be used for lending credit to different industries like e-commerce, supply chain, healthcare, startups, education, agriculture, and more, where different types of loans can be offered, from one-time loans to buy now, pay later revenue-based financing, and more.