India-based Knight FinTech, a technology provider to banks and financial institutions, has raised $23.6m in a Series A funding round led by Accel.

The round included participation from IIFL and Rocket Capital, while existing investors such as Prime Venture Partners, 3One4 Capital, Commerce VC and Trifecta Capital also joined.

Knight FinTech said the funding brings its total capital raised to $30m.

Mumbai-headquartered Knight FinTech was founded in 2019. As a banking and digital lending infrastructure provider, it provides its clients platforms for co-lending, digital lending, embedded finance and treasury management.

According to a Moneycontrol report, the company’s clientele includes UCO Bank, Bank of Baroda, Bank of India, ICICI Securities, IIFL Finance, and Kotak Prime among others.

Over the past three years, it has enabled more than $7bn in cumulative disbursements and the company supports around $5bn in active assets under management.

The fintech firm plans to utilise the new proceeds to bolster capabilities in fraud detection, early warning systems, portfolio analytics and debt recovery.

Knight FinTech founder and CEO Kushal Rastogi was quoted by the publication as saying: “We chose to keep innovation and client obsession at the centre, while building a business with strong unit economics, resilient systems and long-term partnerships.

“Co-lending and treasury are already operating at scale, while embedded finance and digital lending are accelerating.”

The company now aims to achieve $85m–100m in annual revenue and plans to scale assets under management beyond $50bn over the next four years.