- Fintech startup 1Silverbullet is helping financial companies to grow 50% faster.
- 1Silverbullet, based in Mumbai, is a platform used by financial institutions and financial service providers to connect with consumers.
- It serves clients from all types of financial products and service providers, such as wealth management firms, insurance companies, and new-age tech firms that offer investment or insurance products.
1Silverbullet was founded in March 2021 by Milan Ganatra, for a second time. The Mumbai-based fintech startup helps insurers, banks, and new-age fintech platforms to launch their digital platform by using its APIs.The self-funded startup is currently looking to raise its first capital.
After selling his 1st venture, Miles Software, to Nasdaq-listed EbixCash for $19 million in 2018, Milan planned to set up another startup named 1Silverbullet.
Since 1999, Milan has witnessed its financial industry metamorphose – from analogy, on paper, to today, when a slew of tech solutions has helped make financial services more accessible to more people.
While developing financial technology solutions, he observed a lack of communication between entities that provide financial products and consumers.
Milan said, “As a former communications manager, I have seen first-hand how paper-based communication processes are cumbersome, inefficient, and, in some cases, even deter investors”.
Milan decided to solve the fintech problem he discovered, and, with two decades of experience in the sector backing him up, made him establish 1Silverbullet in 2021.
1Silverbullet, based in Mumbai, is a platform used by financial institutions and financial service providers to connect with consumers. This platform provides financial institutions with an easy-to-use API console so they can choose, integrate, and test APIs based on their specific requirements, before releasing their end-product to the public.
The firm serves clients from all types of financial products and service providers, such as wealth management firms, insurance companies, and new-age tech firms that offer investment or insurance products.
By digitising and integrating their backend, 1Silverbullet enables financial institutions and platforms to offer consumers products and services. The APIs are available to make it easy for financial products and services providers to build their platforms and offer their clients unique experience journeys.
Financial companies are able to cut down the time required for going live in the market by half and save money on hiring platform developers with this system, according to Milan.
Every transaction passing through the startup’s system earns the startup revenue. On 1SilverBullet’s platform, it offers portfolio management services from over 80 companies, including representatives from Amicus, TATA, SageOne, and White Oak.
By the end of this year, the startup plans to expand its offering to service operators dealing in corporate fixed deposits, corporate bonds, and structured notes.
A seed round of funding is planned soon for the self-funded startup. In October, the company aims to start generating revenue from operations, and then over the next five years, it hopes to reach $200 million in revenue. 1Silverbullet plans to turn a profit in its third year of business, according to Milan.
In addition to Ensuredit, Plaid, Riskovery, Akoya, Setu Fintech, and Galileo Financial Tech, the startup competes with others such as Plaid, Riskovery, Akoya, Setu Fintech, and Galileo Financial Tech.
A report from Allied Market Research says the global open banking market is expected to reach $43 billion in 2026, an increase of 24.4 per cent from 2019 when it reached $7.30 billion.
There have been a growing number of financial API companies ever since India was swept by the fintech revolution, particularly since the pandemic made digital participation essential. Solutions like 1Silverbullet have the potential to disrupt the path to the digitisation of financial companies, as consumers are seeking out online resources to manage their finances successfully.