Fintech startup Ignosis raises $4 million from PeakXV’s Surge, others

Ignosis, a startup focused on Account Aggregator (AA) and financial data intelligence, has raised $4 million in a funding round led by Peak XV Partners’ Surge programme.

The round also saw participation from Force Ventures, Razorpay Ventures, and other investors, including Cred founder Kunal Shah.

Founded in 2022 by Nirav Prajapati and Chintan Sheth, Ignosis aims to address challenges in India's financial ecosystem by providing a comprehensive solution through its AA infrastructure and analytics platform, enabling financial institutions to underwrite, collect, and advise users.


The Ahmedabad-based startup offers accurate income detection, risk underwriting, fraud and financial health signals, as well as hyper-personalised financial insights. It currently serves more than 125 BFSI customers.

An Account Aggregator is an entity regulated by the Reserve Bank of India (RBI) that securely facilitates the sharing of an individual’s financial information between their accounts and other financial institutions.

The company noted that despite rapid digitisation, over 160 million consumers remain credit underserved, often lacking formal proof of income, which excludes them from affordable loans, insurance, and financial planning.

Additionally, approximately 80% of micro, small, and medium enterprises (MSMEs) continue to struggle to access formal credit.

“We believe Account Aggregators are set to become embedded in every financial transaction journey in India. Just as UPI became the default rail for payments, AAs are poised to become the default rail for secure, consent-driven financial data sharing,” said Prajapati, who is the CEO.

The new funds will be utilised to scale Ignosis's engineering, business, and compliance teams, supporting customers across India's evolving financial ecosystem.

Some of its key growth priorities include driving hyper-personalisation through financial data intelligence and developing finance-specific large language models (LLMs) and agentic AI use cases for the BFSI sector.

Ignosis is part of the 11th cohort of the Peak XV Surge programme, which backs 23 early-stage startups focused on AI, financial services, consumer, and developer tools. This is Surge’s third cohort since Peak XV Partners spun out from Sequoia Capital into an independent entity.

“With advances in AI, we are enabling BFSI to move away from legacy bank statement analytics into a new era of financial data intelligence,” said Chintan Sheth, CTO, Ignosis.