Fixerra, a dynamic startup in the embedded finance sector, is making waves with its recent rebranding and ambitious growth plans. Originally launched as Fixed Invest, a marketplace for fixed deposits, Fixerra has transformed into a comprehensive banking-as-a-service (BaaS) provider. This shift underscores the startup’s mission to empower digital businesses to seamlessly launch banking products, thereby bridging the gap between traditional banks and fintech companies.
The brainchild of Akshar Shah, Fixerra has rapidly evolved since its inception. Shah, who serves as the founder and CEO, brings a wealth of experience from his tenure at Kotak Mahindra Bank. There, he was a pivotal member of the portfolio advisory team at Kotak Investment Advisors, overseeing assets totaling over Rs 20,000 crore. He also played a key role in the leadership team of Kotak’s in-house fintech app, Kotak Cherry, further honing his expertise in financial services and technology.
Fixerra’s recent fundraising success is a testament to its compelling vision and robust business model. The company secured Rs 14 crore from a diverse group of investors, including Jaideep Hansraj, Managing Director of Kotak Securities, Shailesh Haribhakti, Chairman of Shailesh Haribhakti & Associates, and Oisharya Das, CEO of Kotak Private. The family office of Harish Shah, Managing Director of Signet Excipients, also participated in the round. These investments highlight the confidence industry leaders have in Fixerra’s potential to revolutionize the BaaS landscape.
Commenting on the investment, Shailesh Haribhakti expressed his excitement about supporting Fixerra’s vision. “We are excited to back Fixerra’s vision to bridge a gap between banks and fintechs that helps enable consumers to explore a broader range of superior banking services,” he said. This sentiment is echoed by other investors who recognize the startup’s ability to innovate and provide superior financial solutions.
Fixerra’s rebranding from Fixed Invest marks a strategic pivot towards a broader and more impactful role in the financial ecosystem. The startup aims to become a “digital mall for banks,” providing a wide array of banking products through its BaaS suite. This ambitious vision includes building infrastructure for marketplaces across multiple banking products, thereby enhancing the capabilities of over 200 digital businesses within the next three years.
Despite its promising trajectory, Fixerra has faced its share of challenges. Transitioning from a fixed deposit marketplace to a comprehensive BaaS provider required significant restructuring and strategic planning. Building robust banking partnerships and integrating new features to meet the diverse needs of digital businesses has been a complex process. However, Shah’s leadership and the team’s dedication have been instrumental in navigating these challenges and driving the company’s growth.
Looking ahead, Fixerra is poised to expand its footprint in the embedded finance space. The company is focused on enhancing its technological capabilities, particularly in artificial intelligence and machine learning, to offer more sophisticated and efficient banking solutions. By continuing to forge strong partnerships and innovate its product offerings, Fixerra aims to solidify its position as a leading BaaS provider, helping digital businesses thrive in an increasingly competitive market.