Saturday, June 22, 2024
HomeStart UpBanking tech startup Gravity raises $1M in funding 

Banking tech startup Gravity raises $1M in funding 

Gravity, a B2B banking tech startup, has secured $1 million in funding from Kettleborough VC, an early-stage venture fund.

The funds will be employed to enhance “our engineering strength to build the product and take it to the next version, offering the best in product engineering we can,” cofounder and chief executive Satish Krishnaswamy said.

“Whilst we are engaging with banks on version 1.0, we will have to start product engineering efforts for version 2.0, the next version of Gravity. As a banking tech company, we need to be at least 2 to 3 years ahead of what the industry will demand,” he added. 

Krishnaswamy and Rohit Maroo founded Gravity in March 2024. The platform connects different banking software systems, like core banking, payment, and loan origination systems. This connection helps banks create customized products that meet customer needs.

“We’ve engaged with around 18 commercial banks in the country. From these, we have completed proof of concept (POCs) with about five. We are in the procurement stage with one or two banks, and we have closed an order with one commercial bank,” he said. 

Krishnaswamy stated that the Mumbai-based startup will first onboard 4-5 Indian banks this year. After that, they will look at international expansion. Gravity aims to reach an annual recurring revenue (ARR) of $2 million by the end of this year.

“We will be signing MOUs in the next one to two quarters with several partners in our targeted regions overseas. Hopefully, next year, we will have sizable banks from across these regions on the Gravity platform. Predominantly, our focus will be on the UAE for now. Vietnam, Indonesia, and the Philippines will be other focus areas. The UK will be our primary focus within Europe.”

Commenting on the investment, Nisarg Shah, founder and managing partner of Kettleborough VC, said, “Gravity falls exactly in our investment strategy of backing domain specialists…We are confident in its potential of becoming a category-creator, as an early entrant to solve the challenge of siloed banking systems and revolutionize the banking industry.”

Subscribe To Newsletter

ICYMI

BRL Editor
BRL Editorhttps://businessreviewlive.com
Business Review Live covers finance, technology, travel, lifestyle, and everything in between through exclusive interviews and analysis, market statistics, digital video, and an expanded array of content formats.