Pune Inc: How city-based startup Finarkein is trying to plug loopholes in data security
The company, founded in 2019, has worked primarily in insurance and is now venturing in the health sector before expanding to other verticals. It raised seed funding in February 2022 and achieved a monthly recurring revenue of Rs 5-10 lakh.
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For Kurhe and the other founders, Finarkein is a take on Aatmanirbhar Bharat.When Nikhil Kurhe, co-founder and CEO of Pune-based startup Finarkein Analytics, hears somebody referring to data as the new oil, he shakes his head in frustration. “Being in the midst of it, I feel that comparison is misplaced. Last I read, an average person in India consumes around 12 GB per month and is on track for 25 GB per month,” says Kurhe.
Finarkein is working amidst the development of Account Aggregator, a network that includes all public-sector banks and several insurers, and allows a client’s financial data to be present in one place and shared with their consent with licensed users, and Open Digital Ecosystems (ODEs), “which are open and secure digital platforms that enable a community of actors to unlock transformative solutions for society, based on a robust governance framework”.
The company, founded in 2019, has worked primarily in insurance and is now venturing in the health sector before expanding to other verticals. It raised seed funding in February 2022 and achieved a monthly recurring revenue of Rs 5-10 lakh.
With the Personal Data Protection Bill still in the works, Finarkein’s concerns involve data safeguards. It is building a consumer information platform so that MSMEs and other businesses organisations “focus on information and not data when they think about their customers”.
“If an organisation wants to understand a client’s income, spending patterns or recent medication, among others, they can come to our website and, with the client’s consent, can get the specific information they need rather than their entire banking data. In case, there is an accident, such as a data leak, this approach would minimise damage,” says Kurhe, adding that Finarkein is volunteering with regulators and think tanks who are building protocols for the use of data.
Among Finarkein’s products are FiulX, which enables seamless integration of businesses with Account Aggregators, and Factory, which is curated solutions built on Flux, a single low or no-code platform for all ODEs that the company has built. Their systems promise to help companies efficiently move through massive piles of data to those which offer actionable insights.
“This is a technical task and has to be built for purpose every time. Significant effort goes in, today, to connect data, anonymise it, clean it up and build upon it to arrive at the business objective. The other steps, which include gathering data, are also incredibly difficult because everyone was working in silos and a lot of data was with a network provider, among others,” says Kurhe.
For Kurhe and the other founders, Finarkein is also a take on Aatmanirbhar Bharat. “Our modular analytics platform can be leveraged by both public and private sector entities to unlock a wide range of innovative services for individuals, businesses, and government bodies. Our platform takes care of the plumbing, infrastructure and connectivity to diverse data sources while incorporating strong ‘privacy-by-design’ principles. We want to be a part of the enabling ecosystem that will bring about an equitable data-driven revolution,” adds Kurhe.
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