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Banksathi
BankSathi
FormerlyBankSathi Technologies Private Limited
Company typePrivate
ISININE0XZP01017
IndustryFinancial technology
Founded15 January 2020; 5 years ago (2020-01-15) in New Delhi, India
Founder
  • Jitendra Singh (Jitendra Dhaka)
  • Sandeep Kaler
Headquarters
Bengaluru, Karnataka
,
India
Areas served
India
Key people
  • Jitendra Singh (Jitendra Dhaka) (CEO)
  • Sandeep Kaler (CTO)
[1]
Products
  • Financial advisory
  • Insurance
  • Credit cards
  • Loans
Services
  • Financial product distribution
  • Social commerce platform
Number of employees
100+ (2024)
ParentBS Fintech Private Limited
SubsidiariesBS Fintech Private Limited
Websitewww.banksathi.com


BankSathi is an Indian financial technology company that operates a social commerce platform.Registered as BankSathi Technologies and Insurance Corporate Agency Private Limited, the company uses algorithms to facilitate connections between customers, advisors, and financial products.[2][3] It distributes these products through a network of agents, with a focus on serving smaller financial advisors and micro-entrepreneurs in India.[4][5][6]

History

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BankSathi was founded on January 15, 2020, by Jitendra Singh (Jitendra Dhaka)[7] and Sandeep Kaler. Initially, it was known as BankSathi Technologies Private Limited. The company aims to increase accessibility to financial products, particularly in regions with limited traditional banking services.[8]

The trademark BankSathi is registered under Application ID 5426809. The application was filed on April 28, 2022, under Class 42, which pertains to technology and software services. The trademark is owned by BS Fintech Private Limited[9]

Services and Operations

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BankSathi's platform offers a range of financial products, including credit cards, loans, insurance, and financial advisory services. The company utilizes algorithms to match customers with relevant products and holds an IRDAI license for insurance offerings.[10]

The company functions as a social commerce platform, enabling the distribution of financial products through a network of agents. It operates as an aggregator, connecting financial institutions with these agents.[11][12]

Distribution and Reach

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Banksathi utilizes a network of financial advisors throughout India to distribute its financial products.[13][14] This distribution model aims to extend access to financial services, especially in regions where traditional banking infrastructure is less prevalent.[15][16][17]

Funding

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BankSathi has raised $7.55 million through multiple seed funding rounds, including a $4 million round on January 9, 2023. Investors include Kotak Securities, Lets Venture, We Founder Circle, Hem Securities, and IPV (Inflection Point Ventures).[18] The funds are allocated to operational development, product enhancements, and technological improvements. The company's valuation was reported as $27.5 million as of August 31, 2022.[19][20]

Accessibility Initiatives

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To expand its reach, BankSathi has integrated several Indian languages into its platform, aiming to reduce language barriers and improve financial literacy.[21][22]

Recognition

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  • Project Leader of the Year: India DevOps Show, 2022.[23]
  • Technology Leader Award: Quantic Business Media Pvt. Ltd., 2022.[24]
  • Reported as the third-largest credit card issuer in India as of June 2023.[25][26]

See Also

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Financial technology in India

References

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  1. ^ "Sandeep Kaler - Co-Founder and CTO at Bank Sathi". THE ORG. Retrieved 3 March 2025.
  2. ^ Jha, J. K. (25 October 2021). "FinTech platform BankSathi raises Rs 4 crore funding from Hem Angels and Reputed Entrepreneurs". www.thehansindia.com. Retrieved 3 March 2025.
  3. ^ Bhatla, Prabhjeet (2021-05-18). "Fintech Startup BankSathi Raises $200,000 Seed Round". Entrepreneur. Retrieved 2025-03-01.
  4. ^ "Jitendra Dhaka: A Diligent & Hardworking Leader Redefining Indian Fintech Through Banksathi | CEOInsights Vendor". www.ceoinsightsindia.com. Retrieved 2025-03-01.
  5. ^ "Kotak Securities invests Rs 5 cr in fintech startup Banksathi". The Times of India. 2023-01-10. ISSN 0971-8257. Retrieved 2025-03-01.
  6. ^ "BankSathi raises $200K in seed round from angel investors". BusinessLine. 17 May 2021. Retrieved 1 March 2025.
  7. ^ "In Interview with Jitendra Dhaka, Founder, BankSathi – TechStory". Retrieved 2025-03-01.
  8. ^ "100 top Financial Services companies and startups in India in February 2025".
  9. ^ "Banksathi". www.quickcompany.in.
  10. ^ Rag, Ajay (2024-06-04). "InsuranceDekho in talks to acquire credit marketplace BankSathi: sources". The Economic Times. ISSN 0013-0389. Retrieved 2025-03-01.
  11. ^ "Startup Digest: Meta preparing for large-scale layoffs: Report, Twitter fires over 90% of India staff: Report & upGrad to invest $30M to launch 10 global campuses - CNBC TV18". CNBCTV18. 2022-11-07. Retrieved 2025-03-01.
  12. ^ Mali, Krishna (22 July 2023). "Elevating AI-Driven Financial Advice: BankSathi CEO Jitendra Dhaka On Advancing Financial Advisory Landscape". TechGraph. Retrieved 3 March 2025.
  13. ^ "Tata Motors, Adani Wilmar, NTPC and other stocks in news today". The Times of India. 11 January 2023. Retrieved 3 March 2025.
  14. ^ ""Only 10% of Indians are now aware of fintech products": BankSathi, Founder". BW Businessworld. Retrieved 3 March 2025.
  15. ^ "5 FinTech startups solving the financial gaps in India's rural areas". IBS Intelligence. Retrieved 3 March 2025.
  16. ^ "Scaling to 10M Agents by 2030 in India's Financial Landscape". MobileAppDaily.
  17. ^ "Top 50 Finance Startup Investors in India in February 2025 — Feb 2025". Shizune.
  18. ^ "Kotak Securities invests Rs 5 cr in fintech startup Banksathi". The Times of India. 10 January 2023.
  19. ^ Pathak, Shashank. "Fintech startup BankSathi raises $4 Mn in pre-series A". entrackr.com. Retrieved 2025-03-01.
  20. ^ "Fintech Startup BankSathi Raises $4 Million In Pre-Series A Funding - The StartupLab : Compliance | Tech | Funding". 2023-01-09. Retrieved 2025-03-01.
  21. ^ Paintola, Bhupendra (2024-06-04). "InsuranceDekho In Final Talks To Pick Up Majority Stake In BankSathi: Report". Inc42 Media. Retrieved 2025-03-01.
  22. ^ "Can you change the credit card billing cycle and due date more than once? Here's what new RBI guidelines say". The Times of India. 22 March 2024. Retrieved 3 March 2025.
  23. ^ "Recognizing the Agile Trend Setters at the 2nd India DevOps Show in Bengaluru – Quantic Connect". 2025-02-17. Retrieved 2025-03-01.
  24. ^ "Achieving New Heights: Quantic India successfully concludes its 2nd Annual NBFC & FinTech Awards 2023 – Quantic Connect". 2025-02-17. Retrieved 2025-03-01.
  25. ^ "InsuranceDekho Set to Acquire a Majority Stake in BankSathi: Report". Outlook Business. 4 June 2024. Retrieved 3 March 2025.
  26. ^ "Fintech Startup BankSathi emerges as the third-largest credit card issuer in India". siliconindia. Retrieved 3 March 2025.
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