Saswat Finance, a rural-focused fintech startup based in Odisha, India, has closed a $2.6 million pre-Series A funding round led by Ankur Capital, with participation from Incubate Fund Asia and several angel investors . The capital will be used to scale digital financial services in underserved rural regions across the country, addressing persistent gaps in credit and payments access.
Founded in 2021 with a mission to improve grassroots financial inclusion, Saswat Finance provides microloans, micro-savings accounts, and digital payment solutions tailored for low-income rural users. The fintech recently piloted lending via local micro-ATMs and mobile agents, enabling remote agricultural communities to secure working capital against minimal collateral en.wikipedia.org yourstory.com.
According to CEO Rohan Patel, the new funding will help the company expand its agent network from 120 to 500 and onboard over 200,000 new customers within 18 months. Saswat is also enhancing its technology stack, launching a regional-language mobile app and reinforcing underwriting models using vernacular input and non-traditional data points .
India’s rural fintech segment has seen increasing investor attention—especially in microcredit and localized payment solutions—with Saswat now joining a growing list of startups like KredX and Indifi targeting similar demographics.
📌 Why It Matters:
- Reflects rising investor interest in grassroots fintech solutions
- Demonstrates how digital microloans can address rural credit shortages
- Can serve as a model for scaling low-cost financial services in emerging markets
