OnFinance AI, a generative AI platform designed for the banking, financial services, and insurance (BFSI) sector, has raised $4.2m in a Pre-Series A round.
The funding was led by Peak XV’s Surge with backing from Shyamal Hitesh Anadkat of OpenAI, Groww Founders’ Fund, MarsShot VC (Razorpay Founders’ Fund), Climber Capital, and existing investors Indian Angel Network and Silverneedle Ventures, according to a report from APN News.
Founded in 2023 and headquartered in Bengaluru, OnFinance AI helps financial institutions manage compliance, risk, and audit. Its tools are aimed at simplifying the interpretation of the thousands of regulatory circulars issued in India each year.
The company will use the funding to accelerate research, expand overseas, and develop its AI products including NeoGPT and ComplianceOS. These platforms automate regulatory processes, replacing weeks of manual work with minutes.
OnFinance AI co-founder and CEO Anuj Srivastava said, “Our mission is to turn regulatory complexity into clarity for banks and financial institutions. This funding validates the urgent need for innovation in compliance. With the support of Peak XV and our other investors, we will accelerate BFSI-specific AI solutions that deliver unmatched clarity, speed, and trust.”
OnFinance AI co-founder and CTO Priyesh Srivastava added, “Generic AI cannot solve BFSI’s problems. With NeoGPT and ComplianceOS, we are already delivering regulator-grade outcomes that traditional processes and generic models cannot match. This capital will allow us to double down on research, expand internationally, and continue pioneering agentic AI for compliance and risk.”
The firm’s compliance agents currently cover more than 40 regulatory domains and are trusted by leading institutions including BSE Limited, Kotak Mutual Fund, Nippon India Mutual Fund, Aditya Birla Capital Digital, and HDFC Securities.
Source: https://fintech.global/
