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3 notable FinTech funding rounds in India in the beginning of 2023

By Leandra Monteiro

January 11, 2023

  • BankSathi
  • Digital Lending
  • Digital Transformation
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FinTech, FundingThe rise of new FinTech start-ups, new-to-bank population and technological advancements have paved the way for an upsurge in FinTech evolution. FinTechs are becoming mainstream with more investment made than ever before. Tracking FinTech investments provides a better perspective on the competitive and strategic trends in the industry. Below are three notable FinTech funding rounds in India in the beginning of 2023.

KreditBee in an extension of its Series D round raised an additional $100 million in primary funding from Advent International, a private equity investor.

Last month, the company had raised Tranche one of Series D from Mitsubishi UFJ Financial Group (MUFG), Japan’s largest bank, along with existing investors Premji Invest, Motilal Oswal Alternates, NewQuest Capital Partners, and Mirae Asset Venture Investments. Avendus Capital acted as the exclusive financial advisor to KreditBee on the transaction.

Bangalore-based social e-commerce platform BankSathi has raised $4 million in funding from Kotak Securities, Lets Venture, We Founder Circle, Hem Securities and IPV (Inflection Point Ventures).

The funds will be used to invest in high-caliber employees across all the company’s operations and to accelerate the development of new products and technology. In addition, the organisation will invest resources toward growing both its agent network and geographic reach into new regions.

Fello, India’s first gamified savings platform, designed for the Gen-Zs and young millennials of India, has raised $4 million in their latest funding round led by US-based Courtside Ventures, with participation from, Entrepreneur First, Ycombinator, Kube Venture and Upsparks.

Fello will use the funding to develop unique gamified financial products, hire top talent across functions, and expand its user base to the many millions in the tier-1 and tier-2 cities of India.

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