Knight Fintech, an Indian provider of banking and digital lending infrastructure, has raised $23.6 million in a Series A funding round led by Accel, the company said.
The round also saw participation from IIFL and Rocket Capital, along with existing investors Prime Venture Partners, 3one4 Capital, Commerce VC, and Trifecta Capital.
The fundraising was completed through multiple tranches, per the announcement.
Mumbai-based Knight FinTech builds technology platforms that support co-lending, digital lending, embedded finance, and treasury management for banks and non-bank lenders.
The company said it works with more than 150 partners across 85 lenders and has facilitated cumulative loan disbursements exceeding $7 billion, with more than $5 billion in assets under management.
Its treasury platform manages over $125 billion in assets.
The fresh capital will be used to expand Knight FinTech’s AI-driven product suite, including risk intelligence, automated credit underwriting, fraud detection, portfolio monitorin,g and debt recovery systems.
The company also plans to use the funding to support its expansion into the Middle East and Asia-Pacific markets.
As part of its international growth strategy, Knight FinTech has appointed Sanat Rao, the former global chief executive of Infosys Finacle, as an investor and board adviser.
Founded in 2019 by Kushal Rastogi and Parthesh Shah, Knight FinTech generates revenue through software licensing, implementation fees and recurring charges linked to assets under management.
The company employs more than 350 people and serves banks, non-bank lenders and platforms across retail, MSME and agricultural lending segments.
“With co-lending and treasury already operating at scale, our embedded finance and digital lending businesses are accelerating rapidly,” Rastogi said, adding that the company is focused on building products with strong unit economics and long-term partnerships.
The deal highlights sustained investor interest in fintech infrastructure providers, even as funding remains selective across India’s broader startup ecosystem.
Platforms that enable regulated lenders to scale co-lending, automate underwriting and manage risk are increasingly seen as critical enablers of credit growth, particularly as banks seek technology partners rather than balance-sheet exposure.