3 Indian FinTech funding rounds that recently transpired
By Leandra Monteiro
Indian FinTech companies notably saw a good amount of FinTech funding activity. As the country becomes more receiving to financial technology and its advantages the growth trend the FinTech industry has witnessed is expected to continue. The article lists important funding announcements that were made in the last 2 months in India:
KreditBee: Bangalore-based FinTech lending start-up KreditBee raised INR 600 million in equity and debt from India SME Investments, an investment arm of the Small Industries Development Bank of India (SIDBI).
The investment follows in the footsteps of a recent round raised by the holding group entity of KreditBee from investors like Premji Invest, TPG-backed NewQuest Capital Partners, Motilal Oswal Private Equity, Mirae Asset Ventures, and Alpine Capital in February 2021.
With the fresh funds the platform looks to expand its lending portfolio by introducing financial services like BNPL (buy-now-pay-later) and insurance, among others.
Slice: Bangalore-based FinTech start-up Slice has raised new funding of $20 million from existing investors Gunosy and Blume Ventures. Slice aims to use the capital to diversify offerings and expand its team.
The FinTech company provides a physical and a virtual card for the youth. It enables students and salaried professionals to buy collateral-free products and services online on EMI through an app and helps them in building credit scores. The credit card platform also offers customers flexibility in paying credit card bills as well as reward points on transactions.
Stockal: The FinTech start-up that enables anyone to invest overseas, announced $3 million in pre-Series A funding to support its rapid growth into new markets. The new funding brings the total investment to $5m since it was launched in January 2020.
Large financial institutions such as HDFC, Motilal Oswal, Geojit and dozens of wealth management and fintech outfits in India and the Middle East have partnered with Stockal to bring cross-border investments to their own customers and opening up a huge potential growth market. Stockal estimates that the potential AUM in India, MENA and SE Asia is approximately $800billion, with revenue potential for retail global investing of around $35billion.
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