Rupeek, an Indian financial technology startup, announced that it has raised $30 million in a new funding round.

Bertelsmann India Investments led the funding and was joined by existing backers, Accel and Sequoia India.

Rupeek said in a statement that it is planning to use the net proceeds from the funding for product development and market expansion.

The startup added that the new capital will also enable it to rapidly scale across new markets. The latest financing will be completed in two tranches.