Indian FinTech Bueno Finance raises $3 million in seed funding
By Leandra Monteiro
Gurugram-based start-up, Bueno Finance announced that it has raised $3 million in a seed round from a number of investors such as Goat Capital, JAM Fund, Olive Tree Capital, Good Water Capital, and others from Silicon Valley.
Launched in October 2019 by Saurav Gandhi and Sandeep Arora, the company was part of the Winter 2021 batch of US-based start-up accelerator Y-Combinator. It focuses on the distribution of credit for India’s middle- and lower middle-income segment.
“Only 10% of the formal credit (mostly secured) goes to 45% households of India earning approximately $200-$400 a month. Bueno Finance wants to democratize credit along with other financial services to this massive segment,” said Saurav Gandhi, co-founder and CEO, Bueno Finance, according to media reports.
“We are growing very rapidly and plan to acquire multiple partners for customer acquisition. Bueno is partnering with quality employers to fulfill its mission, which ensures a win-win arrangement for the customer and the employer,” he added.
Through Bueno Finance, consumers can seamlessly get access to a credit line, build their financial health, save, and spend in smarter ways. The company also provides a UPI handle, which is backed by a credit line approved by Bueno Finance; this can be used to transact at any online merchant. Through the app, customers can also use this credit line to transact in the offline world via QR codes available at every merchant.
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