Embedded Finance Startup Fixerra Raises Rs 14 Crore in Seed Funding
Mumbai-based Fixerra, formerly known as Fixed Invest, has secured Rs 14 crore ($1.6 million) in a seed funding round.
The funding was led by a group of prominent angel investors and family offices, including Jaideep Hansraj, Shailesh Haribhakti, Oisharya Das, Harish Shah, and angel investor Shivang Desai.
Rebranding and Strategic Shift
As part of its development, Fixerra has undergone rebranding from its previous identity, Fixed Invest, which primarily operated as a marketplace for Fixed Deposits. The company is now expanding its vision to become a comprehensive banking-as-a-service provider. This strategic shift aims to facilitate digital businesses in launching banking products efficiently and in compliance with regulations.
Investors’ Enthusiasm for Fixerra’s Vision
Prominent figures in the investment community, such as Shailesh Haribhakti, Chairman of Shailesh Haribhakti and Associates, expressed excitement about backing Fixerra’s vision to bridge the gap between banks and fintechs. The goal is to offer consumers a broader range of superior banking services.
Fixerra’s Vision: Becoming a Digital Mall for Banks
Fixerra envisions becoming a digital mall for banks, focusing on building infrastructure for marketplaces across multiple banking products over the next three years. The startup aims to revolutionize the banking sector by fostering collaboration between traditional banks and innovative fintechs.
Current Operations and Offerings
Fixerra is actively expanding its banking partnerships and enhancing its product offerings with additional features. The company has developed an easy-to-integrate fixed deposit gateway with partnerships across seven banks and NBFCs. Leveraging API-enabled banking infrastructure, Fixerra addresses the entire fixed deposit lifecycle, from discovery to post-investment services.
Innovation and Customization for Financial Entities
The startup’s innovative approach allows investment platforms, independent financial advisors, wealth houses, and payment apps to customize fixed deposit offerings for their clients. Fixerra’s white-label solution enables entities to go live within a week, providing a tailored fixed deposit solution to meet the specific needs of their user base.