Introduction:
In 2021, India unveiled the Account Aggregator (AA) network. The Account Aggregator Framework is an advanced framework for sharing consent-based financial information between Financial Information Providers (FIPs) and Financial Information Users (FIUs). With 23 banks onboarded to the AA framework, more than 1.1 billion bank accounts are eligible to share data on the AA network. 3.3 million users have linked their accounts on the AA framework and shared data. This opens up opportunities for FinTech startups in India to use data to reduce uncertainty and make data-driven decisions.
Fintech businesses struggle to get access to crucial customer insights that can inform decisions across silos and use cases, making it time-consuming to integrate financial data and insights into decisioning. This tedious process, which can take months to implement, stifles agility and impedes the development of innovative FinTech solutions. Deepvue addresses the crippling inefficiencies of the current data disparate infrastructure by enabling FinTech companies with clean, consented, and real-time customer insights. Deepvue helps FinTechs make better decisions throughout their entire customer lifecycle. They offer four major API suites: Customer Profile, Onboarding, Income-Expense Intelligence, and Forensics. They provide a variety of API streams for Mobile Intelligence, KYC-B & Onboarding, Income, Employment verification, and many more.
Deepvueprovides an easy-to-use API platform that enables the smooth flow of real-time financial data between applications, allowing businesses to make informed decisions based on live data and insights. Their pay-as-you-go freemium model provides a low-barrier point of entry for startups and smaller FinTech players, while the volume-tiered pricing makes it cost-effective for enterprises.
The founders, Chandra Shekhar and Gaurav Arya, both JIIT Noida alumni, bring a strong background in data science, machine learning, and digital marketing. Shekhar’s expertise, honed through 8 years of experience with industry leaders, including Innovaccer and Verloop, complements Gaurav's proven track record in growing successful ventures like Mystery Monks and Clever Growth.
Market Opportunity:
India's FinTech market is expanding rapidly, driven by rising internet penetration, mobile phone adoption, and a growing demand for digital financial services. The Indian FinTech industry market is expected to grow to USD 421.48 billion by 2029. This landscape creates a significant market opportunity for Deepvue. Estimates suggest that the potential market for easy-to-use customer insights infrastructure could soar to USD 20.82 billion by 2027.
100X Thesis:
FinTech is the fastest-growing market in India, and Deepvue is building the picks and shovels for this boom. With rapid growth, comes more compliance, complexity, and regulation for fintech startups. Deepvue connects 100+ financial and alternative data streams, including Identity, Banking, Credit Bureau, Income, Employment, Telecom, Social Media, and many more, to provide 1000+ customer insights. This makes it simple to not only build Fintech products with these data streams but also gain access to real-time customer insights and analytics for Fintech decisioning unlike any other. With a team that’s got years of experience building lasting products at Verloop and Inovaccer, 100X believes Deepvue is bound to be the railing for the Indian Fintech ecosystem.
Conclusion:
Deepvue's innovative solution addresses a critical bottleneck of data-based decision-making in India's FinTech sector. Their team's proven track record, coupled with a solution designed for the specific needs of the market, positions them for significant growth. The booming Indian FinTech market creates a vast pool of potential customers, further strengthening Deepvue's potential. 100X.VC believes Deepvue is poised to become a key player in the Indian FinTech ecosystem, empowering businesses to leverage the power of financial data and security.
