Neo banking venture Amica Financial gets $24 Million in fresh round

Amica Monetary Applied sciences, a brand new enterprise floated by CitrusPay co-founder Jitendra Gupta, has raised $24Mn in its first spherical of funding. The enterprise, which is presently in stealth, is shaping as much as be a digital retail financial institution — a.ok.a. neo financial institution — focused at India’s millennial inhabitants with month-to-month incomes of over INR 50,000 (~US$750).

By way of the corporations backing the digital banking startup, there’s a record of marquee names. This contains Greyhound Capital, 3One4 Capital, Germany’s Rocket Web, enterprise capital funds Matrix Companions and Sequoia Capital. Moreover, a bunch of angel traders have additionally pitched in, which embrace Snapdeal cofounders Kunal Bahl and Rohit Bansal, Falcon Edge Capital’s Navroz Udwadia, DST International’s Rahul Mehta, Kunal Shah of Cred, BookMyShow founder Ashish Hemrajani and Nubank founder David Velez.

Since Amica is presently in stealth, not a lot is thought in regards to the platform. Nonetheless, it’s anticipated to be a full fledged digital retail banking options supplier, with companies like financial savings account, investments and lending companies to the salaried millennial inhabitants. The platform is within the technique of onboarding a significant non-public sector financial institution for a similar.

In accordance with a report from the Financial Instances, it’s formally anticipated to launch operations in February or March subsequent 12 months.

Different institutional traders within the firm embrace BeeNext and Tanglin Enterprise Companions, whereas Nitin Kamath, cofounder and CEO of Zerodha, Freecharge’s Sandeep Tandon; Anupam Mittal, CEO of Individuals Group, and Manish Vij, co-founder of Smile Group, have additionally invested of their private capacities.

The “nameless man” behind the desk who retains pushing press releases and sponsored content material on our web site.
P.S. Don’t go to the profile pic on the left, we hold trolling certainly one of our personal writers with this… :p