The Bengaluru startup will use its seed round to expand multilingual AI agents across financial apps, support larger enterprise deployments and prepare for a US launch.
RevRag AI, a Bengaluru startup building artificial intelligence agents for banks and other financial services firms, has raised $2.5 million in seed funding as it looks to deepen its product offering, widen enterprise adoption and prepare for an entry into the US market. Accion Ventures led the round, with Cedar Hill Capital, Wyser and Venture Catalysts also participating, according to the company and Accion.
The business develops multilingual agents that sit inside mobile and web applications used by banks, lenders, insurers and fintech companies. Rather than acting as a separate chatbot, the software is designed to work within existing customer journeys, guiding users through digital onboarding, sales and support tasks. According to the company, the agents can help with know your customer verification, document uploads and account activation, while escalating to human staff when needed.
Ashutosh Singh, RevRag AI’s founder and chief executive, said the company was trying to mimic the experience of a capable relationship manager inside a financial app. Speaking about the product, Singh said: “A good relationship manager knows you, tells you what to do next, and handles it for you. Very few customers ever get one. We think every financial app should work that way, and that is what we are building.” He added that the company had already proved the model with some of India’s largest financial institutions.
RevRag says it already works with more than 45 financial institutions, including PhonePe, Bajaj Finance, Motilal Oswal, IIFL, Aditya Birla Capital, Aditya Birla Money, DCB Bank, Jar, Moneyview, Razorpay, Kissht and Easebuzz. The startup said the new capital would support product development, larger enterprise deployments and expansion into the US, building on a $600,000 pre-seed round it raised in 2024 from Powerhouse Ventures and angel investors including Kunal Shah of CRED and Viral Bajaria of 6sense.
The company’s pitch lands at a time when India’s digital finance market still faces a usage gap. The World Bank Group’s Global Findex Database 2025 says nearly 90% of Indian adults have financial accounts, yet only 54% of account holders use digital payments. RevRag argues that the shortfall reflects problems such as English-language interfaces, unfamiliar financial terms and low trust in fully digital channels. It says traditional call centres also lack real-time visibility into what customers are doing inside apps, limiting their ability to intervene at the right moment.
Rahil Rangwala, managing partner at Accion Ventures, said the startup’s in-app approach could make financial services easier to use for customers with limited digital and financial literacy. Sahil Anand, managing partner at Cedar Hill Capital, said the integration of the agents into customer workflows was a key distinction. He said Cedar Hill would also use its network in financial services to help RevRag reach more potential clients.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
