Bengaluru-based fintech startup Finin on Monday said it has raised an undisclosed amount of funding in a pre-series A round from investors including Unicorn India, PointOne Capital and Astir Ventures.
Finin marks Unicorn India's third investment via its Fund II. The company said it will use the funds to ramp up its marketing, customer acquisition, hiring and building partner networks.
"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," said Suman Gandham, Finin's Founder and CEO, in a press statement.
Founded by Suman and Sudheer Maram in 2019, Finin is an AI-fueled neobank that makes understanding money simple by digitising all banking services. It also offers card aggregations and AI-based notifications to keep users up-to-date about their previous and future transactions.
Commenting on the investment, Bhaskar Majumdar, Managing Partner, Unicorn India Ventures, said:
"The neobanking vertical within fintech is growing the fastest. 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 three years."
Finin is currently in beta, and early customers are being onboarded in an 'invite only’ manner. The product plans to go live in August.
(Edited by Aparajita Saxena)
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