Ambak, a Fintech startup, has raised $7 million through a combination of Seed and Pre-Series A funding. Peak XV’s Surge led the Seed round while Peak XV Partners, in collaboration with Advantedge VC, DeVC, and other angel investors, backed the Pre-Series A round.
According to one of the company’s press releases, the funding will allow Ambak to expand its services to 35 cities and over 100,000 customers while aspiring to cross $1 billion in loan disbursements by FY26.
Through the use of Digital Public Infrastructure and bank rule engines, Ambak has developed an ultra-simplified, transparent, three-step approach for selecting the ideal financier for the home loan process. The startup employs a combination of technology and DPI’s assisted services to ease the experience for both customers and bankers regarding home loan applications.
In the first twelve months of operations, Ambak has built a marketplace that integrates with over fifty lenders, automated credit processes, and expanded distribution across six states to serve more than 15,000 customers and 3,000 intermediaries, including builders and brokers.
“Even with more than 160 lenders serving a variety of clients as well as different properties, it is still time-consuming for customers to find a suitable lender. The goal of Ambak is to enable $20 billion in annual home financing over the next ive years while providing transparency and predictability to the home-buying experience,” said Raghuveer Malik, CEO of Ambak.