Bengaluru-based Neobanking Fintech startup Finin has raised an undisclosed amount in Pre-Series A funding round led by early stage VC (venture capitalist), Unicorn India Ventures. This is the third investment from Fund II of Unicorn India. The round also saw participation from PointOne Capital and Astir Ventures. The funds will be utilised for ramping up marketing, customer acquisition and hiring and building partner networks.
Founded in 2019 by Suman Gandham (Founder & CEO) and Sudheer Maram (Co-founder & COO), Finin is an AI fuelled neobank that aims to help its users understand money. From analysing spends in an easier way to helping users automate savings, Finin fuses habit making with financial hygiene. The mobile banking product also advises on investment opportunities to save users from extra research and reading time.
Suman Gandham, Founder and CEO, Finin, 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.”
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.
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.