Fello, which claims to be India’s first game-based savings app, has reportedly raised $4m in a funding round led by US-based Courtside Ventures.
Other commitments to the round came from Entrepreneur First, Y Combinator, Kube Venture and Upsparks, according to a report from Inc42. A number of angel investors also joined the round, including CRED founder Kunal Shah, Groww co-founder and CEO Lalit Keshre and others.
With the capital, the company plans to deepen its gamified financial products, hire more staff and expand its user base in Tier-1 and Tier-2 cities in India.
Fello claims to be the first game-based savings app in India. Its platform empowers users to grow their money and earn weekly rewards by just saving in secure assets.
The platform, which is available through Google Play and the Apple Store, allows users to grow savings by 10% p.a. by investing in digital gold and Fello’s digital token, Fello Flo. A user earns Fello tokens for every rupee saved and earns a weekly Tambola ticket for every INR 500 ($6) saved.
If all Tambola numbers match in the weekly draw, the winner receives INR 100,000 ($1,200).
Speaking on the investment, Courtside Ventures partner Kai Bond said, “India has attracted unprecedented investment in the last four years in the fintech and gaming sector. As a global game investor, Courtside Ventures has remained very active in the ecosystem. The Indian gaming audience is one of the largest and most active markets in the world. Yet, financial services applications attract a fraction of that gaming audience.”
The company previously raised $1m in a funding round in November 2021.
Earlier in the week, fellow India-based FinTech company Jupiter secured $3m in debt funding from Alteria Capital. Jupiter allows consumers to create a digital bank account.
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