Ignosis to focus on AI, product expansion and governance after $4 million pre-Series A fundraise

Ahmedabad-based financial data intelligence platform Ignosis has raised $4 million in a pre-Series A funding round led by Peak XV’s Surge, with backing from Razorpay Ventures, Force Ventures, and Kunal Shah of Cred, among other existing investors.

The fresh capital will be used to strengthen the company’s AI capabilities, expand its product and engineering teams, and enhance governance and compliance processes.

Speaking to CNBC-TV18, Nirav Prajapati, Co-Founder and CEO of Ignosis, said, “With this fundraise, we are focusing more on our AI product roadmap, hiring for product and engineering roles, expanding our enterprise sales and customer success teams, and doubling down on governance, compliance, and internal processes.”

Founded in 2022, Ignosis has already partnered with over 125 financial institutions, aiming to bridge the gap for millions of underserved Indians and MSMEs who struggle to access credit, insurance, and wealth services.

Prajapati highlighted the role of the RBI-backed account aggregator in the company’s business model. “The account aggregator is an RBI-backed ecosystem that enables seamless, secure, consented data sharing, allowing lenders and wealth managers to access real-time financial profiles of customers. Through Ignosis’ AI-driven intelligence, we enrich this information with cash flow data, obligation data, and fraud risk signals,” he explained.

He added that account aggregator technology could become as fundamental to financial data as UPI is to payments, with over 2.2 billion accounts available on the ecosystem that can be linked and shared in near real time. “So far, over 250 million consents have been fulfilled through account aggregator. This year alone, almost ₹1.6 lakh crore in loans has been disbursed through the account aggregator,” Prajapati said, emphasising how the ecosystem is expanding.

On the role of AI-driven analytics, Prajapati said the platform helps BFSI players move beyond legacy bank statement analysis. “Our intelligence identifies accurate income for the self-employed, their business income and expenses, and enables gig workers whose cash flow patterns are unpredictable. Accurate income and obligation assessment for gig workers is really driving financial inclusion across various financial products,” he said.

The company also uses hyper-personalised nudges to improve the financial health of end customers. Prajapati gave an example: “Imagine you have a rent payment coming up but are short on cash. A nudge can go out a couple of days in advance, reminding you to top up your account before the rent payment hits. Alternatively, a bank can offer a pre-approved loan to cover the upcoming expense.”

With its pre-Series A fundraise, Ignosis aims to scale its offerings further and deepen financial inclusion for millions of underserved Indians, leveraging AI, account aggregator technology, and data intelligence to simplify access to credit, insurance, and investment services.

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