Under the acquisition agreement, approximately 100 employees and 140 clients from C2FO India will join Mynd Fintech’s operations. Consequently, the combined entity will process nearly ₹60,000 crore worth of annual transactions across both the buy-side and sell-side financing ecosystem, significantly enhancing its presence in the digital lending and working capital finance market.

M1xchange operates as a Reserve Bank of India (RBI)-licensed Trade Receivables Discounting System (TReDS) platform that facilitates invoice financing for businesses. Similarly, C2FO operates C2TReDS under the same regulatory framework. However, following the acquisition, C2FO may surrender its TReDS licence, allowing Mynd Fintech to operate C2FO India’s platform while integrating its technology, employees, and customer network.

C2FO India Technologies specializes in on-demand working capital solutions, dynamic discounting, and invoice financing for businesses. As a subsidiary of the US-based C2FO, the company accelerates invoice payments for suppliers operating across more than 180 countries, helping businesses improve cash flow and strengthen supply chain operations.

Sundeep Mohindru, chief executive officer, M1xchange, said, “The combined entity will process ₹60,000 crore worth of transactions annually on both the buy and sell side.” However, he did not disclose additional financial details related to the acquisition.

The C2FO India marketplace enables vendors to access affordable working capital while receiving early invoice payments without complicated documentation or hidden charges. Moreover, the platform serves nearly 50% of the Nifty50 companies and supports the supply chain financing requirements of approximately 200,000 suppliers across multiple industries, including cement, pharmaceuticals, manufacturing, and several other sectors.

Basant Kaur, country head, C2FO, said that the company currently serves around 50% of the Nifty50 corporations and manages the supply chain financing needs of nearly 200,000 suppliers across sectors such as cement, pharmaceuticals, and other industries. She highlighted the company’s extensive reach within India’s corporate ecosystem and its commitment to improving supplier liquidity through digital financing solutions.

Based in Gurugram, Mynd Fintech operates as a leading digital lending marketplace focused on supply chain finance. As part of the Mynd Group, the company leverages the RBI-licensed M1xchange TReDS platform to offer automated, off-balance-sheet, and unsecured working capital solutions for enterprises, suppliers, and financial institutions.

Furthermore, the acquisition reinforces Mynd Fintech’s long-term growth strategy by combining complementary technologies, expanding its client portfolio, and strengthening its leadership in the trade finance, invoice discounting, and working capital financing segments. The integration also positions the company to deliver faster, technology-driven financing solutions to businesses across India while supporting the country’s growing digital financial ecosystem.

As India’s fintech sector continues to witness rapid adoption of digital lending and supply chain finance platforms, the acquisition reflects the increasing consolidation within the industry. By combining operational capabilities, technology infrastructure, and an extensive customer base, Mynd Fintech aims to enhance efficiency, improve supplier financing, and accelerate the digital transformation of business payments.

The latest investments follow successful fundraising rounds completed by each of the portfolio companies over the past year, highlighting their growth trajectory and increasing investor confidence.

Earlier this year, Easy Home Finance (EHF) secured $30 million in a Series funding round to accelerate the expansion of its affordable housing finance business. With the latest raise, the company’s total funding has reached $80 million, positioning it to serve a larger base of homebuyers across India.

Meanwhile, trade finance platform Vayana attracted follow-on primary and secondary investments from its existing shareholders after obtaining its Non-Banking Financial Company (NBFC) licence last year. The company had previously raised $20.5 million in 2024 through a funding round led by SMBC Asia Rising Fund.

Similarly, Bengaluru-based fintech startup DPDzero, which specializes in AI-driven debt collection, raised $7 million in August last year in a funding round led by Japanese venture capital firm GMO Venture Partners. The startup continues to develop artificial intelligence-powered solutions that help financial institutions improve debt recovery and collections efficiency.

Sumitomo Mitsui Banking Corporation (SMBC) and venture capital firm Incubate Fund jointly launched the Singapore-based SMBC Asia Rising Fund in 2023. The corporate venture fund operates with a 10-year investment horizon and manages a corpus of $200 million.

The fund primarily invests in high-growth Asian fintech companies operating across sectors such as digital lending, payments, supply chain finance, banking-as-a-service (BaaS), digital assets, and financial infrastructure.

Commenting on the latest investments, Rajeev Ranka, Partner – India Investments, SMBC Asia Rising Fund, said, “Our follow-on investments reflect a simple principle: we increase conviction where we see sustained execution and expanding opportunity. Each of these companies has evolved meaningfully since our initial investment and is building capabilities that go beyond technology to become foundational enablers of India’s financial ecosystem.”

He further added, “Whether it is expanding access to housing finance, strengthening trade credit infrastructure, or modernising collections, these businesses are solving real structural challenges at scale.”

The fund also stated that it expects India’s next phase of financial sector growth to be driven by institutions and technology platforms that expand access to credit while improving capital efficiency across the financial ecosystem.

Furthermore, SMBC Asia Rising Fund noted that all three companies have demonstrated disciplined business growth, stronger operational performance, and improving operating leverage since receiving their initial investments. These developments have strengthened the fund’s conviction in supporting the companies through additional capital.

The latest follow-on investments also reflect the growing maturity of India’s fintech ecosystem, where investors are increasingly backing startups with proven business models, scalable technology platforms, and measurable financial performance rather than focusing solely on early-stage growth.

As India’s digital financial services market continues to expand, companies such as Easy Home Finance, Vayana, and DPDzero are playing an increasingly important role in improving access to credit, modernizing financial infrastructure, and enhancing operational efficiency for businesses and financial institutions. Through its continued backing, SMBC Asia Rising Fund aims to support these companies as they scale their operations and contribute to the next phase of India’s fintech growth story.

With this raise, Mysa’s total funding has now reached USD 6.2 million. Earlier, in February 2025, the startup had secured USD 2.8 million in a seed round led by Blume Ventures, laying the foundation for its current scale-up phase.

Founded in 2023 by Arpita Kapoor and Mohit Rangaraju, Mysa operates as a B2B fintech platform focused on modernising finance and banking operations for mid-sized businesses. Specifically, the startup offers a unified system that automates accounts payable, invoice processing through its Smart Scan feature, vendor payments, expense management, and AI-driven accounting reconciliation.

Moreover, the platform integrates seamlessly with existing ERP systems and bank accounts, thereby reducing manual effort and operational risk. According to the startup, Mysa improves financial control and auditability while cutting losses caused by inefficiencies, fraud, and tax leakages. Its product suite spans vendor management, GST input tax credit verification, multi-bank payment operations, and end-to-end expense workflows, catering to India’s rapidly expanding mid-market segment.

“Finance teams today are expected to move faster while managing more complexity, but the underlying infrastructure hasn’t evolved,” said Arpita Kapoor, co-founder and CEO of Mysa. She added, “We’re building an AI-driven automation platform that plugs seamlessly into legacy ERPs and banks, enabling teams to scale without adding operational risk—at zero upfront cost and with no migration required.”

Furthermore, the company plans to deploy the fresh capital to strengthen its AI capabilities and expand banking-led products. As part of this roadmap, Mysa will roll out AI-enabled procurement tools, UPI-based expense management, and a corporate credit card offering. At the same time, the startup intends to explore embedded financing opportunities by leveraging its vendor network while also deepening bank partnerships and scaling distribution across India.

Notably, in less than a year since its public launch, Mysa claims to have processed over INR 1,500 crore in annualised transaction volume, facilitating payments to more than 40,000 bank accounts nationwide.

In addition, the startup reports that it has integrated with over 15 banks, including Axis Bank, YES Bank, IDFC First Bank, ICICI Bank, and HDFC Bank.

Currently, companies across commerce, manufacturing, hospitality, fintech, and real estate use Mysa’s platform. Its client roster includes Dhan, Wint Wealth, DrinkPrime, and Material Depot, reflecting broad adoption across industries.

Mysa’s latest funding round underscores growing investor confidence in AI-driven financial automation for India’s mid-market businesses. As the startup deepens its banking integrations, expands product offerings, and explores embedded finance, it appears well positioned to play a significant role in modernising enterprise finance operations at scale.

The Chennai-based startup will use the newly raised capital to strengthen its technology platform, expand its product suite, and accelerate the scale-up of its distributor-led assisted wealth management model. Additionally, over the next six months, AssetPlus plans to introduce Portfolio Management Services (PMS) and enable global investment offerings through Gift City.

Founded in 2016, AssetPlus operates a B2B2C platform that empowers mutual fund distributors to handle onboarding, transactions, compliance, and portfolio servicing for end customers. At present, the company supports more than 18,000 mutual fund distributors, manages assets exceeding Rs 7,250 crore, administers an SIP book of over Rs 100 crore per month, and serves upwards of 150,000 retail investors across India.

CEO Vishranth Suresh stated that the fundraise comes at a time of growing demand for advice-led investing, as retail investors increasingly seek guidance beyond DIY platforms, particularly amid market volatility and the rising complexity of financial products. Typically, AssetPlus’ retail clients maintain portfolios ranging between Rs 5 lakh and Rs 2 crore, while contributing average monthly SIPs of Rs 10,000–Rs 12,000.

“We are building wealth management infrastructure that combines human advice with technology-led scale. This capital allows us to accelerate that vision alongside investors who believe in strengthening India’s wealth ecosystem for the long term,” said Vishranth Suresh, co-founder and CEO of AssetPlus.

“AssetPlus is building long-term infrastructure for assisted wealth management, which is critical to India’s financial future. Their integrated approach across technology, products, and capability building positions them to create lasting impact,” said Anand Datta, Partner, Nexus Venture Partners.

“As India adds more new investors, we also need to find ways to help them do better with decisions when it comes to investing. The AssetPlus team has always focused on enabling MFDs the right way. They think for the long term, and that is what our ecosystem also needs,” said Nithin Kamath, Co-founder, Rainmatter by Zerodha.

Beyond mutual funds, the company has steadily diversified into insurance, fixed deposits, and retirement-oriented solutions. Meanwhile, CTO Awanish Raj emphasised plans to embed AI-driven capabilities to enhance workflows, risk evaluation, and client engagement, positioning the platform as a “copilot” for advisors rather than a replacement.

According to data from Tracxn, AssetPlus reported revenue of Rs 33.9 crore and a net loss of Rs 21 crore for the financial year ended March 2025. Nevertheless, the startup aims to turn profitable within the next two years and ultimately reach 100 million Indian households by 2047.

Nexus Venture Partners’ Anand Datta said AssetPlus is creating “long-term infrastructure for assisted wealth management” that could generate sustained impact across India’s broader financial ecosystem.

Through partnerships with the Unified Payments Interface (UPI) and Visa, the company will enable Indian users to make both domestic and international transactions. The rollout will begin later this year with 350,000 waitlisted users, followed by wider public access.

The company revealed plans to acquire 20 million customers in India by 2030.

A company spokesperson said that Revolut has invested over £40 million to localise its technology infrastructure and comply with India’s data sovereignty regulations, making India the only market worldwide where it has made such an investment.

Revolut, which recently disclosed that it is considering a U.S. bank acquisition and a domestic credit card launch, is positioning India as a cornerstone of its international growth plans.

Built on KFin’s four decades of experience in enabling financial markets, the program therefore aims to redefine relationship management and, in turn, set new benchmarks in service delivery for asset management companies (AMCs) and distributors catering to India’s growing investor community.

Customized support for investors

At the core of IGNITE lies a suite of solutions designed to address the evolving needs of distributors. The program will provide relationship managers who deliver consistent, personalized support, while improved responsiveness and stronger issue-resolution mechanisms will enhance service turnaround times. Furthermore, the integration of advanced digital platforms—such as IRIS, KFin’s super app for financial intermediaries, and KFin KRA, a seamless onboarding tool—aims to streamline operations and accelerate digital adoption at scale.

The launch comes at a crucial time, as India’s mutual fund industry is projected to reach ₹80 lakh crore in assets under management by 2030. Moreover, rising investor demand for lower costs, faster digital experiences, personalized offerings, and transparent services drives this growth. Consequently, industry outlooks suggest that competitiveness in the sector will hinge on transforming operational frameworks and strengthening client engagement. To address these challenges, IGNITE provides distributors with integrated tools and dedicated support, thereby enabling them to serve investors more effectively and at scale.

Sreekanth Nadella, Managing Director & CEO of KFin Technologies, said, “Distributors have long needed a platform that truly understands their challenges and champions their growth. IGNITE is our commitment to that vision. By delivering not just operational support but a partnership mindset, we’re enabling distributors to thrive in a rapidly evolving, digitally led investment landscape. This is not a one-time program — it is a long-term journey to co-create the future of distribution.”

Looking beyond short-term operational gains, KFin Technologies anticipates that IGNITE will create a wider impact on the market. By enhancing distributor infrastructure, the program will help distributors improve investor services, especially in Tier 2 and Tier 3 cities where accessibility and trust are still developing. Through the strengthening of the distributor ecosystem, KFin aims to promote investor inclusion, expand market reach, and support the development of a more transparent and scalable financial system.

This initiative underscores KFin Technologies’ commitment to driving India’s financial growth through technology and relationship-led transformation. As of June 30, 2025, KFin stands as the largest investor solutions provider to Indian mutual funds and the leading issuer solutions provider by clients served. With its strategic emphasis on empowering distributors, the company is well-positioned to shape the future of capital market distribution and governance.

The fintech startup has secured $5 million in seed funding, led by Elevation Capital, with additional backing from Relentless Ventures and notable angel investors such as Abhiraj Bahl and Varun Khaitan (Urban Company), Varun Alagh (Mamaearth), Akshant Goyal (Zomato CFO), and Vineet Sethi (PayU).

Belong positions itself as the first fintech startup to offer USD fixed deposits to retail NRIs through GIFT City. The company is debuting in the UAE this week, launching its initial product in partnership with RBL Bank. After establishing a presence in the UAE, Belong plans to expand to other major NRI markets, including the GCC, UK, and US.

“We’re building Belong to be the trusted financial home for global Indians, starting with simple, secure access to USD fixed deposits through GIFT City,” said Ankur Choudhary, co-founder and CEO of Belong.

Choudhary, along with co-founders Ayush Singh and Savitri Bobde, previously built Goalwise, a robo-advisory investment platform launched in 2015. Fintech company Niyo acquired the fintech startup in 2020, and the trio continued to serve in key leadership roles there.

Sai Sankar M, the fourth co-founder of Belong, brings over 20 years of banking experience and had served as the Chief Business Officer for Niyo’s global cards division.

After exiting Niyo, the four founders reunited to launch Belong, aiming to address the long-standing financial access challenges faced by NRIs seeking to invest and save in India.

The idea for Belong emerged from their own experience trying to serve NRIs in the past and repeatedly hitting roadblocks due to India’s fragmented compliance and banking systems. “Even during Goalwise, we had many NRI users eager to invest, but we couldn’t onboard them due to the KYC hurdles. Fast forward to 2024, and those challenges remain largely unsolved,” Choudhary said.

Belong has launched a new product that eliminates the common pain points NRIs face when investing in India. As co-founder Choudhary explains, the traditional process requires opening an NRE/NRO account with an Indian bank, sending notarized documents by courier or visiting Indian embassies, dealing with currency conversion complexities, navigating relationship managers, and facing repatriation hurdles.

With Belong, starting in the UAE, NRIs can now invest in USD-denominated fixed deposits without the need for an NRE/NRO account. The platform offers doorstep KYC, near-zero forex markup, and enables direct deposits and withdrawals from UAE bank accounts. Since users invest in USD via GIFT City, they avoid INR depreciation and enjoy tax-exempt returns in India.

“You just download the app, upload your documents, and schedule a doorstep KYC, like booking a home service. There’s no need to visit a bank branch, print documents, or talk to an RM,” he explained.

The regulatory framework of GIFT City has enabled this innovation. The International Financial Services Centres Authority (IFSCA)—the unified regulator for GIFT City—has fully licensed Belong. The startup holds both a Payment Services Provider (PSP) license and a Broker Dealer license, enabling it to conduct KYC and manage transactions directly.

This sets Belong apart from traditional Indian fintechs, which typically rely on partner bank licenses to operate.

“We were one of the very first to apply for the PSP license when it launched last year, and we’ve worked closely with IFSCA to launch the first real NRI-facing retail product from the IFSC.”

The startup ran a small beta in the UAE, where around 200 NRIs joined its waitlist and tested the product. “The response was very encouraging. There is a clear gap, and the demand is real—especially among UAE-based Indians who know they’ll return to India eventually and want to start building their retirement corpus here,” the co-founder said.

He stated that Indians direct nearly 25 percent of the country’s $137 billion annual remittance inflow into deposits, while they invest less than 5 percent in equities or mutual funds. “This isn’t due to lack of intent. It’s the friction. Many NRIs even route their investments informally through relatives in India,” he noted.

Belong has also built a suite of NRI-focused digital tools aimed at simplifying financial decision-making for the diaspora. These include an NRI FD Rates Explorer, a GIFT Nifty Tracker, an NRI Compliance Compass, a Residential Status Calculator, and a Rupee vs Dollar Tracker.

The company is additionally launching a dedicated India tax filing service for NRIs without the typical “NRI markup” pricing. “NRIs are usually charged higher and non-standardized rates for most services in India. Belong aims to change that by offering transparent and cost-effective NRI taxation services,” the team added.

Belong’s long-term vision is to evolve into a full-stack financial platform built exclusively for NRIs. The fintech startup plans to expand its offerings to include Indian and US equities, mutual funds, global insurance products, NRI-specific financial cards, and a tax filing service—all without the inflated “NRI premium” that many traditional service providers typically charge.

With this roadmap, Belong aims to become the go-to destination for NRIs seeking seamless, cost-effective access to a wide range of financial products across geographies.

The team has already obtained a capital markets license and is working on developing equity and mutual fund products in collaboration with regulators and AMCs. “It’s early days for GIFT City, but the regulatory environment is pro-innovation. If built right, this can become the global financial backbone for India,” he added.

“NRIs have long been underserved when it comes to digital-first financial solutions tailored to their unique needs,” said Vaas Bhaskar, Partner at Elevation Capital. “Belong is uniquely positioned to serve this massive, underserved market by combining deep fintech expertise with GIFT City’s regulatory rails.”

Belong is redefining how NRIs engage with financial products in India by offering a seamless, digital-first experience tailored to their unique needs. Backed by seasoned fintech founders and prominent investors, the fintech startup is leveraging GIFT City’s progressive regulatory framework to simplify investments—starting with USD fixed deposits—and plans to build a comprehensive financial ecosystem for NRIs worldwide.

“In December, after successful completion of due diligence, we signed an agreement with Amazon for a proposed acquisition of Axio. The transaction will now await the required regulatory approvals,” Axio said in a blog post.

This move comes after Amazon Smbhav Venture Fund led a $20 million equity funding round in Axio in August last year.

Amazon first invested in Axio back in 2018, showing its long-term interest in the company.

The acquisition is part of Amazon’s larger plan to grow its financial services in India. Axio, based in Bengaluru, runs a non-banking finance company (NBFC), Capfloat Financial Services, and partners with banks and other NBFCs for co-lending initiatives.

Axio has supported over 10 million customers and manages assets worth ₹2,200 crore, according to the company.

In 2021, Axio raised $50 million in equity funding at a post-money valuation of $201 million. Lightrock India led the funding, with participation from both new and existing investors, as per Tracxn.

Other prominent investors in Axio include Peak XV Partners, Elevation Capital, and Ribbit Capital.

These loans, built with a forward-thinking approach, cater to the financing needs of small businesses and dramatically reduce credit turnaround time. It’s a pay-as-you-use working capital credit line, allowing firms to pay interest only on their funds. This product blends digital assessment with the flexibility of collateral-free borrowing.

Satyam Agrawal, Global Head of Product & Retail Business Lending, MD ASEAN & ME at CredAble, says that, unlike traditional credit lines, their solution caters to transactions with counterparties that aren’t large-rated entities. “This empowers MSMEs to manage their cash flow effectively and seize growth opportunities. It is particularly beneficial for micro MSMEs, which often face erratic cash flows, by providing them with a collateral-free line enabling them to scale quickly,” he says.  

Elaborating further, Agrawal says that it offers the flexibility to access funds only when needed and with complete transparency costs, allowing small businesses to access capital without worrying about high charges. “We anticipate that the revolving short-term loans will significantly enhance financial stability for MSMEs and help them navigate market challenges,” he adds.

Achieving last-mile financial inclusion is vital for MSMEs in India, as many businesses depend on transactions with other small businesses. Without adequate support, a significant opportunity for GDP growth in India remains untapped.

Reports indicate that 66% of SMEs seek faster credit solutions, and 55% need financing within 7 days. Reloadable credit models can quickly disburse funds, effectively meeting the urgent financial needs of SMEs. “By bridging the financial gap at grassroot levels, we aim to unlock the true potential of these businesses, driving economic growth and sustainability across the nation,” Agrawal states. 

In recent years, rapid advancements in fintech have dramatically transformed the financial services ecosystem. New use cases for on-time and affordable financing have emerged, real-time payments have gained momentum, and the lending landscape has been redefined—all to better meet the needs of the MSME sector.

Nirav Choksi, Co-founder and CEO of CredAble, states that the need of the hour is to build solutions for thin-file, small-ticket borrowers. “Our investment in technology has given us the opportunity to develop new tools and processes that extend the reach of credit and power innovation in MSME financing,” he highlighted. 

The company plans to use the new funds to scale up business operations and introduce new products.

Founded in 2018 by Akshaya Bhargava, Bridgeweave operates the InvestorAi platform and is a Sebi-registered research analyst. The platform uses artificial intelligence and advanced technology to deliver successful investment outcomes for young, tech-savvy millennials.

InvestorAi offers over 15 equity baskets with different strategies, some of which are now in their third year. The company noted that all these baskets have outperformed the index in the last 12 months and since their inception.

“Sophisticated AI has long been the exclusive preserve of big hedge funds like Renaissance and Citadel. We set up InvestorAi with the vision of bringing this advanced AI technology to retail investors, and we pride ourselves in our three-year track record of delivering strong investment returns that have consistently beaten the index by a big margin,” said Akshaya Bhargava, Chairman and cofounder, InvestorAi. 

Bhargava also highlighted the significant growth opportunity in India, given the country’s sizeable digital infrastructure, tech-friendly investor base, and rapid growth in retail investor accounts.

India is an exceptional market with its unique digital infrastructure, leading exchange capabilities, and rapidly growing retail investor base. The retail investor base in India is currently around 150 million, increasing by three million each month, and the Indian stock market is projected to reach $10 trillion by 2030 from its current $4.8 trillion market cap.

With only 7% of household income currently invested in direct equities, InvestorAi sees a huge opportunity in AI-led equity investment guidance.

Adding to this, Bruce Keith, Co-founder and CEO, InvestorAi, said, “India’s retail investor base is currently around 150 million and growing at 3 million a month. The Indian stock market is expected to reach $10 trillion by 2030 from the current $4.8 trillion market cap. However, only 7% of households’ income is invested in direct equities. This presents a large untapped market opportunity which can be leveraged by use of AI-led equity financing guidance. Our platform, InvestorAi, is the only platform in the Indian market that is multi-product, multi-broker and multi-manager and which also generates its own market-beating content.”

“The AI models that power our platform have been trained using 14 years of stock market data and have delivered market beating returns consistently since 2022. Moreover, our AI models are integrated with a next generation delivery engine called InvestorAi YouTrade, which provides a one-click experience integrated within the broker’s own mobile or on-line platform.”

Ashish Kacholia, Founder, Lucky Investment Managers, says, “We have been long term investors in the Indian capital markets and have seen the wealth creation opportunities that it has to offer. InvestorAi’s platforms and the InvestorAi suite of products leverage technology in an innovative way and are directly aimed at helping the new generation of investors in starting their wealth creation journey in one of the fastest and best performing markets in the world. We believe that InvestorAi’s domain expertise in investments, products, innovative technology and a very experienced team really makes InvestorAi one of the true outliers in the wealthtech segment.”

Positron, a Mumbai-based Consulting and Capital Advisory firm, acted as the exclusive advisor for the transaction.