Zerodha's Rainmatter backs Blostem's Series A to power fintech FDs
What's the deal? Delhi-based BlostemDealroom has a profile for this one. Try Dealroom → raised a Series A round led by Zerodha's investment arm RainmatterDealroom has a profile for this one. Try Dealroom →, as it builds banking infrastructure to help fintech apps launch fixed deposits through a single API.
Founded in 2021 by Sandeep GargDealroom has a profile for this one. Try Dealroom →, Ravi JainDealroom has a profile for this one. Try Dealroom →, Uday SharmaDealroom has a profile for this one. Try Dealroom →, and Pankaj Pratap SinghDealroom has a profile for this one. Try Dealroom →, Blostem is a B2B platform giving brokers, fintech apps, payment firms, and wealthtech players a plug-and-play layer for FDs, FD-backed credit cards, and credit on UPI.
Partners integrate once and tap a network of 10 banks and NBFCs, including Suryoday SFB, Unity SFB, Bajaj Finance, Shriram Finance, and Mahindra Finance.
Why now? Most fintech apps in India want to offer fixed deposits, but integrating with each bank individually takes months per partner.
So platforms either skip FDs or offer a single-bank option that leaves yield on the table for users.
Blostem already powers MobiKwik, Jupiter Money, Upstox, Aditya Birla Capital Digital, and GoldenPiDealroom has a profile for this one. Try Dealroom →. It earns through platform fees and transaction spreads, and had previously raised ₹4 Cr in a seed round led by AC VenturesDealroom has a profile for this one. Try Dealroom →.
What could go wrong? Banking-as-a-service hinges on tight bank partnerships, and India's regulators are tightening the screws.
Payment platforms are recalibrating compliance around a proposed one-hour cooling-off window for UPI and IMPS transfers above ₹10,000 to curb digital fraud. The RBI is also advancing two separate "kill switch" initiatives to protect the financial ecosystem.
The signal: Blostem sits in India's early-stage banking-as-a-service segment, a market projected to grow from $1.14 Bn in 2022 to $4.43 Bn by 2030, as fintech's centre of gravity shifts from consumer apps to the infrastructure that powers them. Backing from Zerodha's RainmatterDealroom has a profile for this one. Try Dealroom →, following an earlier seed round led by AC VenturesDealroom has a profile for this one. Try Dealroom →, signals investor conviction in plug-and-play financial rails at a moment when larger players like Razorpay and Navi are eyeing public markets.
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