FinOne Technologies has raised a seed round of $1 million.
The round has received investment from Gani Subramaniam (Partner, WRVI), Krishnakumar Natarajan (Managing Partner, Mela Ventures), Ambar Maheshwari (CEO, IndiaBulls Asset Management), Shajikumar Devakar (Executive Director, IIFL Wealth and Asset Management), Sandeep Jethwani, and several other angel investors from the financial services industry.
The funding will be utilized by ‘muvin’ to strengthen its core team and technology infrastructure to launch the product.
‘muvin’ serves both teens and young adults, and intends to enable a full-fledged neobanking experience by providing instant zero balance saving accounts, micro-investments, and credit products, which will be co-branded with muvin’s banking partners.
Mukund Rao, Co-founder of FinOne Technologies said, “The ‘muvin’ app will allow parents to setup digital accounts for their children within five minutes, and children will also get their own contactless cards with enhanced security features, including category-based spending limits. The card can be used offline or on online platforms. muvin encourages children to save money through defined goals and manage their money smartly.”
“It will help children learn the basics of personal finance and build awareness about financial products through highly interactive and engaging educational material,” he added.
Moreover, to make quality education more affordable and reduce the financial burden on parents, muvin will collaborate with schools, colleges, and other educational institutes to aid the conversion of fees to a low-interest monthly EMI.
The founders — Mukund Rao and Vineet Gupta — are both seasoned entrepreneurs and have plenty of experience across technology services and fintech. Mukund began his entrepreneurial journey in 2007 with derivIT, which was focused on technology and consulting services for Capital Markets.
“With an addressable market size of 200 million teenagers and young adults, the youth-focused neo-banking space is in a nascent stage at the moment, but is expected to grow exponentially over the next few years, driven by high demand for teenagers and parents,” says Mukund.
muvin is set to launch in the next three months, and customers can pre-register on its website.