[Funding alert] 'muvin' by FinOne raises $1M in seed round, aims to become India’s largest youth neobank
FinOne Technologies has raised a seed round of $1 million.
The round has seen investment from Krishnakumar Natarajan (Managing Partner, Mela Ventures), Ambar Maheshwari (CEO, IndiaBulls Asset Management), Gani Subramaniam (Partner, WRVI), Shajikumar Devakar (Executive Director, IIFL Asset Management Limited), Sandeep Jethwani, and other prolific angel investors from the financial services industry.
The funding will be used by 'muvin' to build its core team and technology infrastructure to launch the product.
'muvin' caters to both teens and young adults, and aims to enable a full-fledged neobanking experience by offering instant zero balance saving accounts, micro-investments, and credit products, which will be co-branded with muvin’s banking partners.
"The 'muvin' app will allow parents to setup digital accounts for their children within five minutes, and children will also get their own contactless cards with enhanced security features, including category-based spending limits. The card can be used offline or on online platforms. muvin encourages children to save money through defined goals and manage their money smartly, " said Mukund Rao, Co-founder of FinOne Technologies.
"It will help children learn the basics of personal finance and build awareness about financial products through highly interactive and engaging educational material," he added.
Additionally, to make quality education more feasible and reduce the financial burden on parents, muvin will partner with schools, colleges, and other educational institutes to facilitate the conversion of fees to a low-interest monthly EMI.
The founders — Mukund Rao and Vineet Gupta — are both seasoned entrepreneurs and have a wealth of experience across technology services and fintech. Mukund started his entrepreneurial journey in 2007 with derivIT, which was focused on technology and consulting services for Capital Markets.
"With an addressable market size of 200 million teenagers and young adults, the youth-focused neo-banking space is in a nascent stage at the moment, but is expected to grow exponentially over the next few years, driven by high demand fro teenagers and parents," says Mukund.
muvin is set to launch in the next three months, and customers can pre-register on its website.