OnFinance AI bags $4.2 million in funding led by Peak XV’s Surge

OnFinance AI, a startup building compliance tools for the banking, financial services, and insurance (BFSI) sector, has raised $4.2 million in a funding round led by Surge, Peak XV’s accelerator programme for early-stage firms.

The round saw participation from Groww Founders’ Fund, MarsShot VC (the Razorpay founders’ vehicle), Climber Capital, and Shyamal Hitesh Anadkat (Open AI). Existing backers Indian Angel Network and Silverneedle Ventures also chipped in.

Founded in 2023, OnFinance helps institutions manage regulatory compliance, risk, and…