Neo-banking platform SaveIN has raised funds in its extended pre-planting round, led by seasoned investors including Narendra Kumar, co-founder of Enterslice Fintech Private Limited.
Ankur Seth, director of Elite Wealth Advisors, and Satyam Kumar, founder and CEO of Loantap, also participated in this round.
With this new round of funding, this innovative Gurgaon-based fintech startup aims to deepen its product offering by adding banking, credit, and payments in the coming months.
Having received a patent on its flagship social finance product from the Indian Patent Office in July this year, SaveIN is digitizing relationship-based and social loan transactions between friends, family and acquaintances. SaveIN had raised funds from Indian and international investors in May this year.
Jitin Bhasin, founder and CEO of SaveIN, said: “Our vision is to disrupt the way Indians transact and bank. We are committed to introducing innovative products and services in the domain of personal finance to simplify the daily interactions of an individual with the money. We aim to serve more than 5 LAC clients in the next 12 month period and we are grateful to our investors and partners for supporting our vision of creating a truly connected and digital personal finance ecosystem. ”
The startup had launched its Beta program in April 2021, through its mobile application on the Google Playstore and the Apple App Store. Since its launch, the SaveIN application has been downloaded by more than 50,000 users and has already recorded thousands of user transactions across the country; the platform is now doubling its transaction base month by month.
Narendra Kumar from Enterslice said: “SaveIN has a unique product offering and is targeting a very large market in India. Social loans are the backbone of the Indian economy and are growing rapidly, especially after Covid. With a deep Domain expertise, a proprietary solution, a comprehensive vision, and proven execution capabilities from the founding team, SaveIN has a distinct advantage. ”
SaveIN was founded in 2020, by former banker and fintech professional Jitin Bhasin, who partnered with Gaurav Luthra (former Whatsuplife founder) and Anurag Varma (former EY Hong Kong), SaveIN is building a differentiated neobank platform and has received a patent for its flagship social finance product from the Indian Patent Office in July this year.
The company also infected Rahul Gupta as CFO (former Vice President of Finance at Stashfin) and Karan Jain as COO (former Director of Bankbazaar). SaveIN aims to revolutionize the personal finance market with its innovative products and solutions