India-based banking app Finin has reportedly closed a pre-Series A round to support the expansion of its product and team.
Unicorn India led the investment round, with contributions also coming from PointOne Capital and Astir Ventures, according to a report from BW Disrupt.
The value of the deal was not disclosed.
With the fresh funds, the company will increase its marketing, customer acquisition, hiring and building partner networks, the article said.
Finin is an AI-powered neobank, which helps consumers to save, manage and invest their money. It boasts 2% cashback on purchases, mobile phone protection insurance, complimentary airport lounge and more. Consumers can connect all of their bank accounts into a single location to help the user better understand where their money is going.
The internal AI can use the information to build insights for the consumer and recommend budgets.
There have been a number of Indian FinTech companies to raise capital this year. Earlier this month, payments splitting app goDutch secured $1.7m in its seed round, which was led by Matrix India.
A lot of money has been invested into India’s FinTech sector since 2015. In total, $18.6bn has been deployed to the sector between 2015 and 2019, of which, 71% has gone to payments and remittance companies.
WealthTech is the sector’s third biggest sector with 5.4% of the total capital. This might seem like a small percentage, but this is still $1bn invested into the space.
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