ⓘ Featured image: Finin co-founders, Suman Gandham (L) and Sudheer Maram
▸ Finin is currently accumulating early customers in an ‘invite only’ manner and it is projected to go live in August.
The Bengaluru-based Neobanking startup, Finin on Monday (20 July) closed a Pre-Series A round from Unicorn India Ventures‘ Fund II, with participation from PointOne Capital and Astir Ventures. The funding amount is undisclosed. The company in a statement has stated that the fresh funds will be deployed towards scaling the marketing initiatives, customer acquisition, building partner networks and hiring across teams.
Finin was founded in 2019 by Suman Gandham (CEO) and Sudheer Maram (COO). The neobank startup aims to help users understand money by analysing spends, and automating savings. The mobile banking product also advises on investment opportunities to save users from extra research and reading time.
Being on a beta stage, Finin is currently accumulating early customers in an ‘invite only’ manner and it is projected to go live in August.
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.
Commenting on the investment round for Finin, Suman Gandham, in a statement said,
“A neobank startup 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.”
Talking about the growth plans for Finin, Bhaskar Majumdar, Managing Partner, Unicorn India Ventures, said,
“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. 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.”
Finin says it 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 unauthorised usage. To further support this, Finin offers card aggregations and AI-based notifications to keep users up to date about the previous and future transactions.