Dinero Innovations, the parent company of artificial intelligence-based wealth management platform Finin, on Monday said it has raised a bridge round of funding dubbed as ‘pre-Series A,’ led by venture capital firm Unicorn India Ventures.
Other participating investors in the round included early-stage investor PointOne Capital and venture capital firm Astir Ventures.
The Bengaluru-based company’s spokesperson declined to disclose the amount of funding.
It will use the first round of external investment to bulk up its marketing, customer acquisition, hiring efforts and partner networks, according to a statement.
Founded by Suman Gandham and Sudheer Maram in 2019, Finin provides a unified view of all bank accounts, an automated money management for spends and savings and personalised recommendations for investment plans.
“Finin is a neobank with great potential to improve one's lifestyle by enriching a user's financial knowledge and by helping them inculcate a saving habit,” co-founder and COO Maram said.
The platform is currently on a beta test stage where users are on boarded on an ‘invite only’ basis. The product aims to go live in August.
“Neobanking vertical within fintech is growing the fastest… We believe technology is needed over the banking layer for end users and SMEs to access core-banking services and manage their monies, in general, better. Finin’s business vision is in line with this macro trend that we saw unfolding in India in the last 3 years,” Bhaskar Majumdar, managing partner at Unicorn India Ventures said in a statement.
The capital infusion in Finin marks Mumbai-based Unicorn India’s third investment from its second India-focused equity fund of about $53 million. The fund, which hit its first close of $12 million in March 2020, made its maiden investment in SaScan Meditech at the same time.
In July, TechCircle reported the fund’s second investment disclosure with ChitMonks’ $650,000 fundraise. The fund aims to invest in 20 companies with a ticket size of $1 million and is aiming for a final close by March 2021.