Dinero Innovations Pvt. Ltd, which operates neo-banking startup Finin, has raised money as part of its pre-Series A round of funding.
The round in Bengaluru-based Finin has been led by early-stage investor Unicorn India Ventures, it said in a statement.
Other participants in the round include PointOne Capital and Astir Ventures. The funding sum was not disclosed.
This is the third investment from Unicorn India’s second fund, which has a corpus of Rs 400 crore.
Previously, the investment firm had committed capital from the second fund to Sascan Meditech Pvt. Ltd and blockchain-based chit fund management platform ChitMonks.
Finin was set up last year by Suman Gandham and Sudheer Maram.
The company says its artificial intelligence-based platform helps customers analyse their spends, automate savings, and advises them on investment opportunities.
It will use the capital it has raised to scale up its marketing operations, as well as increase customer acquisition and hiring efforts.
It will also use the capital to build out partner networks. Currently, Finin’s product is in a beta phase, with the company to take it live in August.
“A neo-bank startup like ours is made with the purpose to bridge gaps using technology and help people develop a better relationship with money by simplifying antiquated banking services,” Gandham said.
Unicorn India managing partner Bhaskar Majumdar said the firm was confident of its investment in Finin because of the larger potential of neo-banking within the larger financial-technology space.
Unicorn India has also invested in Open, a small business-focused neo-bank.
Finin is the latest in the fast-growing neo-banking segment to attract investor attention.
Earlier this month, the teenager-focussed Walrus raised funding in a pre-seed exercise led by early-stage venture firm Better Capital. Other participants included Myntra co-founder Raveen Sastry and Taxiforsure founder Raghunandan G.
In April, Jitendra Gupta-founded Jupiter raised $2 million (around Rs 15 crore) in a top-up funding round from British venture capital firm Hummingbird Ventures and United States-based Bedrock Capital.
Entellus Business Solutions Pvt. Ltd, which operates enterprise-focussed neo-banking platform Nupay, raised funding in a seed investment round led by startup incubator and accelerator Venture Catalysts in January.
In the same month, EpiFi Technologies Pvt. Ltd raised $13.2 million in seed funding at a valuation of around $50 million from investors such as Sequoia Capital, Ribbit Capital and Hillhouse Capital.
