India’s indigenous youth focused neobank, muvin has raised USD 3 million in a pre-Series A round. The pre-Series A round was led by WaterBridge Ventures, with participation from India’s largest Venture Debt fund Alteria Capital and Krishna Bhupal – Co-Founder, Rational Pricing Technologies and board member of GVK Power & Infra.
Spearheaded by Co-Founders Vineet Gupta and Mukund Rao, muvin’s vision is to empower India’s 400 million youth with digital financial inclusion and financial literacy. Powered by RuPay, muvin caters to both teens and young adults through its prepaid card and mobile app. Headquartered out of Bengaluru, muvin currently has over 20000 registered users.
Mukund Rao, Co-Founder of muvin comments: “We are very excited to have attracted such high calibre investors to muvin. Not only is this a vote of confidence in our vision from some of the most highly regarded industry veterans and business minds, but it also demonstrates sustained validation of this massively underserved market”.
“We are looking forward to growing our team and enhancing our tech product to address our customers’ needs and will be ramping up our marketing initiatives to onboard users pan-India over the next 18 months. We will be introducing several features on our card and mobile app over the next two-three quarters that will substantially upgrade our users’ experience. We are very bullish about our growth and with this funding, the journey ahead looks very exciting as we work towards growing into India’s leading youth focused neobank”, adds Rao.
Ashish Jain, Partner, WaterBridge Ventures says, “Teens and young adults are a key customer segment in India. They are already independent decision makers within a family around what brands to buy in relation to food, fashion, gadgets, travel and many more categories. At a time when payments are increasingly getting digital, they need not be dependent on cash or their parent’s debit cards orUPI wallets to pay for these transactions. muvin provides them this freedom and empowers these young consumers to complete the transactions securely and digitally. It also catches this crucial segment early and puts them on to a path to understand and handle finance in their own intuitive ways. This early association with a critical customer segment, which is vasty underserved, can open avenues for muvin to grow with the evolving needs of its customers”.
Vinod Murali, Managing Partner, Alteria Capital adds, “We are very excited to support Mukund and Vineet in their journey as they improve financial literacy as well as democratise transactions for India’s youth. The initial engagement for the product has been promising and we feel this is a very large market which has not been tapped yet. Young India has significant aspirations including financial independence and muvin helps them in achieving these goals.
Earlier in April 2021, muvin had raised a seed round of over $1 million. With the closure of the latest funding round, WaterBridge Ventures, Alteria Capital and Krishna Bhupal join existing stakeholders Krishnakumar Natarajan (Managing Partner, Mela Ventures), Ambar Maheshwari (CEO, IndiaBulls Asset Management), Gani Subramaniam (Partner, WRVI), Shajikumar Devakar (Executive Director, IIFL Asset Management Limited), Kunal Shah, Sandeep Jethwani, and other prolific angel investors from the financial services industry.