Digital banking solutions provider, Yelo has amassed its first funding round from Matrix Partners with engagement from Better Capital, Omidyar Network and Flourish VC, according to a media report.
The firm has not disclosed the sum it has raised in the funding round.
The digital banking solution providing company has elevated as high as its competitors, Open and NiYo, which have obtained funds from big investment companies lately. Open amassed $30 million in a funding round led by Tiger Global whereas NiYo amassed $35 million from Horizons Ventures and Tencent Holdings.
The startup renders savings, micro-credit and payment solutions to the users, who have a monthly remuneration less than INR 30,000, with a target to offer financial inclusion to those who are not directly dealing with banks.
This segment that we are targeting is around 8-10-crore strong and works for small corporate entities or with aggregators like food-delivery platforms, taxi services, and others. There is a huge opportunity in providing financial services to them, Co-founder and CEO of 0.5Bn FinHealth, which administers Yelo, told the daily news.
The financial backers of Yelo are Anant Arora, Director, Product Management of Target, Harish Agarwal, VP, Transformation Lead at RBL Bank, Kapil Piparaiya, Associate at Foundation Holdings Seed Investor, Prashant Yadav, Head of Operations - APAC at Joulon, Sagar Gupta, Regional Head, Marketplace at Souq.com (an Amazon company), Shwaitang Singh,Associate Partner at McKinsey Company, SriBindu Chivukula and Sushil Thaker, Vice President Finance at Avantifinance.in.