Bengaluru-based gamified savings platform Fello has raised $4 million in a new financing round led by US-based Courtside Ventures, with participation from Entrepreneur First, Y Combinator, Kube Venture, and Upsparks.
The round also saw participation from angel investors, including Kunal Shah (Founder, CRED), Lalit Keshre (Co-founder, Groww), Charlie Songhurst, Dafeng, and Alan Rutledge.
According to the startup, the raised capital would be used to develop unique gamified financial products, hire talent, and expand its user base in Tier I and II cities of India.
Founded in 2021 by Manish Maryada and Shourya Lala, Fello incentivises users through gaming to save and grow their money with returns higher than their traditional savings accounts.
“Presently, we have a user base of over 500,000, with 72% of customers coming to the platform organically through referrals," Manish Maryada, Co-founder and CEO, Fello, said. "We are confident that with our accelerated growth and expansion, we will be able to reach our target of five million users by December 2023.”
Commenting on the investment, Kai Bond, Partner of Courtside Ventures, said, “There is a tremendous market opportunity to bridge the gap in financial literacy and investing in a fun and gamified experience. We are incredibly bullish that there is a massive opportunity at the intersection of gaming and financial services in India."
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