Mumbai: Neobanking startup Finin has raised an undisclosed pre-Series A funding round from early-stage venture investor Unicorn India Ventures. This is the 3rd investment from Fund II of Unicorn India.
PointOne Capital and Astir Ventures participated in the Unicorn India Ventures led funding round. The funds will be utilised for ramping up marketing, customer acquisition and hiring and building partner networks.
Suman Gandham (Founder & CEO) and Sudheer Maram (Co-founder & COO) founded Finin in 2019. It is an AI fueled neobank that aims to help its users understand money like never before.
From analyzing spends in an easier way to helping users automate savings, Finin fuses habit making with financial hygiene to ensure you as a user are more in control of your money. The mobile banking product even advises on investment opportunities to save you from extra research and mind-boggling reading time.
“A neobank start up like ours is made with the purpose to bridge gaps using technology and help people develop a better relationship with money by simplifying antiquated banking services. We believe this support from UIV, both monetary and in expertise, is exactly what we need to give wings to our dream and vision,” said Suman Gandham, Founder and CEO, Finin.
“Neobanking vertical within fintech is growing the fastest. We already have an investment in Openbank, the market leader in SME neobanking. We believe technology is needed over the banking layer for end users and SMEs to access core-banking services and manage their monies, in general, better,” said Bhaskar Majumdar, Managing Partner, Unicorn India Ventures.
“Finin’s business vision is in line with this macro trend that we saw unfolding in India in the last 3 years. This is what prompted us to back Finin as we believe that neobanking is the future of banking,” added Majumdar.
“Finin is a neobank with great potential to improve one’s lifestyle by enriching a user’s financial knowledge and by helping them inculcate a saving habit,” said Sudheer Maram, Co-Founder and COO, Finin.
“The hyper personalised banking features are designed to be intelligent, relevant and idealistic so that every user feels motivated to achieve their long term goals in a short period of time,” added Maram.
Neobanking startup Finin is currently on a beta test stage where early customers are being onboarded in an ‘invite-only’ manner. The product aims to go live in August.
Finin has taken the requisite statutory and regulatory steps to assure a level of safety and privacy similar to a bank’s and ensures protection of sensitive information along with prompt blocking of any unauthorized usage.
To further support this, fintech startup offers card aggregations and AI-based notifications to keep users up to date about the previous and future transactions thus putting them at ease, always.
(Image source – Finin)