An exciting fintech startup has announced a funding of USD 1 million
Let us talk about the fintech industry. Finance plus technology is equal to fintech industry. To understand the fintech industry better, it is the use of technology and innovation with the aim to have competition with the financial methods that have long been prevalent in the industry. The fintech domain is the emerging one that uses technology to bring a positive change in the activities of finance.
Talking about the fintech industry of the country, the market value is predicted to grow to USD 1.3 trillion by the year 2025, thus growing at a CAGR of 31% from the period of 2021 to 2025. Out of this valuation, 47%, which is equal to USD 616 billion is the lending technology, then comes the insurtech, which is 29% at USD 339 billion, then is the digital payments at 16%, which is USD 208 billion.
Some of the famous fintech companies in India are Razorpay, PolicyBazar, PineLabs, Shiksha Finance, Paytm, Lendingkart, ZestMoney, Instamojo, and many others.
Let us now talk about the funding of the fintech startup. Even before this, an interesting fintech startup EnKash had raised USD 20 million on April 04, 2022. That round of funding was led by Ascent Capital and some of the participants of that round of funding were Baring India Private Equity Partners, White Ventures, Mayfield India, and Axilor Ventures.
Announcement of funding of a fintech startup
The fintech startup, iTribe has raised USD 1 million worth of funds, as announced on April 12, 2022. This round of funding that is being discussed is the pre-seed round of funding and saw the participation from investors like Eximius Ventures, Kunal Shah of CRED, Incisive Ventures, and various angel investors. The other participants of this round of funding were Harish, Swami, Sreeni, Ketan of CRED, and Pearl Agarwal of Eximius Ventures. The angel investors who were a part of this round of funding were founders of Rapido, Aravind Sanka, Pavan Guntupalli, and Rishikesh SR, founder of Cashfree, Reeju Datta, and founder of BitBns, Gaurav Dahake.
The startup plans to use the funds raised in building new technology tools that will help in the easy adoption by the front line, thus increasing the adaption of the organization to produce results.
About the fintech startup that has announced its funding
The fintech startup, iTribe was founded by Nikhil M and Pruthvi Raj and has its headquarters in Bengaluru, Karnataka. The startup has its focuses on working to empower Millenial and Gen Z on their way to financial independence. This the fintech startup does by creating a trusted social network for investor experts, teachers, and peers.
The mission of the fintech startup is to make Personal Finance and Investing dinner table topics and build a financially independent Bharat. The startup helps the customers in expanding their own tribe while they focus on research and investment ideas. The customer can connect with their existing accounts of Zerodha, Upstox, Groww, Angel One, and many others.
The features and services which can be expected from the fintech startup are-
News in Real-Time– Business news and company updates in 60 words
Invest like experts– Curated stock picks from registered advisors
Discover and join any tribe– Join any tribe to exchange market views, investment ideas, and more.
The application of the startup allows the users to learn from the best, discover ideas, invest, and grow wealth together. The application is available on Google Play and App Store. The goal of the startup is to help its users make informed investment decisions by expanding their horizon of knowledge, helping them get introduced to news and tools, and even getting second options from investment professionals. The aim of the fintech startup is to become a leading platform in holistic investment for Stocks, NFTs, Mutual Funds, and Cryptos in the coming future.
The startup currently has around 10K users out of which, 85% of the users have been retained by them. The vision of the fintech startup is to enable around 70% of the population of the country to make informed investment decisions. Currently, it has around 10 clients from B2B products and the startup is looking further to increase its portfolio.
About Eximius Ventures
Founded in the year 2000 and with headquarters in Thane, Maharashtra, Eximius Ventures is a micro venture capital fund that exists to create a thriving entrepreneurial community. Eximius Ventures identify the unstoppable founders at the inception of their journey and support them through all phases of growth. It values the grit, passion, and experience of founders rather than their pedigree, background, or industry. It is also a staunch supporter of female founders. It gives precedence to female founders and envisions them to become equal partners in building a sustainable economy. Eximius Ventures trust and grows the power of the unique vision.
The portfolio of Eximius Ventures consists of companies like Jar, Chisos, Lattu Kids, Trell, inFeedo, Exprs, Gromo, and many others.
About Incisive Ventures
Founded by Martin Tobias, Incisive Ventures is a high conviction, low volume, thematic investor. It partners for growth.
The portfolio of Incisive Ventures consists of companies like Bizz ™, Bimaplan, Tribe, Yuva Pay, MatchBook, Suave, Unlu, Portside, Katalyst, LMNT Electrolyte Drinks, Mango Sciences, Vega Cloud Management, Tripp, OtherSide AI, AdLightening, and many others.
The fintech startup is no doubt offering something very different to the world. It is focusing on the financial education of that generation, which is considered the future of the country. We wish the startup a lot of good luck and hope it has a bright and successful future ahead!