India-based digital bank SaveIN said to raise pre-seed funding

Digital banking platform SaveIN has reportedly closed its pre-seed funding round to support its market reach.

The investors were not disclosed, but they were from banking, FinTech, consulting and blockchain backgrounds, according to a report from The Hindu Business Line.

With the capital, the company hopes to increase its expansion and product development efforts as well as increase the size of its team.

The mobile-based app enables users to easily lend and borrow money within their trusted network of friends, family and acquaintances.

Based in India, SaveIN lets lenders find trustworthy borrowers in real-time, set their own terms, receive timely reminders on repayments and more.

The company’s website states it is looking launch a “smarter digital baking platform”, which will provide simple, secure and rewarding financial products and experiences.

A handful of India-based FinTech companies have raised capital this month. BankSathi, which helps financial advisors with their decision making, recently collected $200,000 in its seed round.

Fellow neo bank Nemo recently scored an undisclosed investment from Mumbai Angels Network to support is product development.

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