Savings app SayF has raised $240,000 (Rs 1.96 crore) in a pre-seed funding round led by Titan Capital, Sunn91 Ventures, and other angel investors.
The rewards-based savings app plans on utilizing the funds raised towards product development, hiring, and team building.
"Indians' love for gold, cashback, and savings, has been just growing, and we have put all this into a single product, where you spend, earn and invest in one transaction," said Priyesh Gandhi, co-founder of SayF.
Founded in 2021 by Gandhi and Aman Singh, the Bengaluru-based startup aims to help its users in saving, investing, and optimizing their spending money. It helps its users earn and invest money on everyday expenses.
The company claims that users who pay through the SayF app instead of other unified payments interface (UPI) platforms, can earn up to 25% cashback in the form of investment in digital gold.
"At SayF, we are building a product made for India & that fits exactly to India's ethos of saving & investing. added Aman Singh, co-founder of SayF.
The company, in its press release, claims that the money saved with SayF is 7 times higher in comparison to other existing savings apps. The company stated that over the last four months, the platform has processed transactions of over Rs 7.5 crore and helped its users invest up to Rs 40 lakh until now.
According to startup intelligence platform Tracxn, fintech has emerged as one of the top-funded sectors in 2022, amidst a funding winter. Startups in the fintech sector raised $5.7 billion across 348 deals in 2022. Fintech startup NeoGrowth, on Tuesday secured debt funding of $10 million (around Rs 81 crore) from US-based global investment firm MicroVest Capital Management. Last week, online investing unicorn Groww made a strategic investment of undisclosed value in the software-as-a-service (SaaS)-based fintech startup, Digio .
In some other early-stage investments in the fintech space recently, gamified savings platform Fello had also raised $4 million in its latest funding round led by US-based Courtside Ventures, with participation from, Entrepreneur First, Y Combinator, Kube Venture, and Upsparks.
