Summary:
New Delhi, Delhi, India (NewsVoir) • Syndicate of global marquee investors back the full stack issuance platform Embedded Finance startup Falcon has launched in India, announcing its target of hitting $30M revenue by March 2023.
Falcon has already received backing from a number of all-star investors from the USA, India, and the Middle East, indicating interest of the global community in the $24B market opportunity as companies rush to offer embedded payments and lending products.
Shamir Karkal (Founder, Sila Money), Abhay Hanjura& Vivek Gupta (Founders, Licious), Jeremy Solomon (Former CFO Affirm), Boling Jiang (Founder, Lithic), Rangarajan Krishnan (CEO, Five Star Finance), Deepak Shahdadpuri (MD of DSG Consumer Partners), Devesh Sachdeva (MD, Fusion Microfinance), among executives from Softbank, UAE Sovereign Fund, Silicon Valley Bank, Robinhood, & Facebook are early backers of the embedded finance platform.
Embedded finance is increasingly becoming commonplace as companies want to overcome challenges of integrating with multiple banks and legacy systems, which takes an average of 9-12 months, and costs millions of dollars.
Falcon brings the speed and flexibility that enable fintechs, startups, & BFSI companies to launch the most innovative financial products in days and not months, with an almost zero upfront cost.
Falcon Co-founder Prabhtej Bhatia said, “We have scaled over $200M in total payments value without any institutional round, despite inbound interest.