SaveIN, a social finance-based neobank, has raised an undisclosed amount in pre-seed funding from a clutch of global and Indian angel investors and industry stalwarts. The Gurugram-based firm will use the funds for expansion plans and product development. The names of the investors – who were from banking, consulting, blockchain and fintech – were not immediately disclosed.
A neo-bank is a digital banking platform that offers all basic banking services like account opening, credit, insurance and others, but without a branch-led model. Startups typically work with a bank to offer these services to customers. These fintech firms typically offer a wide range of services like faster account opening, mobile deposits, digital debit card, credit, digital payments and many more without the burden of a physical network.
India does not offer any neo-banking license unlike other countries like Singapore and Hong Kong. But startups partner with banks, riding on their licenses, to create a digital banking experience for their consumers.
Also, Read This: Reliance Jio To Construct World’s Largest Submarine Cable System
“The company is looking to use the recently raised funds to expand its market reach, accelerate product development and strengthen its in-house team. We aim to reach over 5 lakh users by the end of this financial year from the present 10,000,” Jitin Bhasin, Founder and Chief Executive Officer at SaveIN said.
Set up in 2020 by banker and fintech professional Jitin Bhasin, SaveIN, as the name suggests, is a financial services platform made exclusively for Indians, with an aim to revolutionize their experience across banking and daily financial transactions.
The company aims to offer, a full suite of traditional banking products and experiences, but in a never seen before avatar, thereby making it a fun, simple, secure, and unbelievably rewarding experience. All this and more at just the click of a button, in a 100% digital and paperless, mobile-first ecosystem.
Bhasin had teamed up with EY Hong Kong senior executive Anurag Varma and Gaurav Luthra, founder of Whatsup Life to start SaveIN. The company also roped in Rahul Gupta as Chief Financial Officer (former VP-Finance at Stashfin) and Karan Jain as Chief Operating Officer (former Director at Bankbazaar).