Finance and venture growth tech investment company Arvog, which is a part of BSE-listed Finkurve Financial Services Ltd, on Tuesday said it has bought a stake in neobanking platform Nemo, without divulging any further details of the financial deal.
The Hyderabad-based firm Nemo offers a single web-based capital platform for small businesses.
Arvog in a statement said that the acquisition will help the company offer readily available financing options to small and medium businesses as well as entrepreneurs and individual customers.
Nemo’s platform enables customers to discover solutions for their specific needs. It also provides relevant financial and advisory services to small businesses such as accounting, loans, operations, taxes, compliances, among others.
“Small and medium businesses in India are often seen as the country’s growth engine. We also see in them India’s innovation engine. They need readily available, flexible, and customized financial products. Fintech companies are the solution. We are directing our venture funding capacity towards cherry-picking such solutions and like-minded founders, and boosting them with our strategic partnerships,” said Priyank Kothari, Director – Operations at Arvog.
Arvog claimed to have invested in 27 tech-based companies over the last two and half years through its venture funding arm, Arvog Ventures.
The company’s fintech arm offers digital lending products such as early salary loans, school fees financing, gold loans, loans to wallet merchants, and more, through its proprietary technology and artificial intelligence-driven credit platform, the company said.
“As a born-in-the-cloud company, it (deal with Arvog) is a shot in the arm for our vision, which is to provide to small businesses those financial tools, products, and services that are traditionally accessible to large corporations. We unify banking, accounting, credit, and operations, basically everything that an MSME needs,” said Jeevan Gopisetty, Co-Founder and Chief Executive Officer, Nemo.