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Social finance-based Neo bank, SaveIN has raised an undisclosed amount in pre-seed funding round from a clutch of Indian and international angel investors and industry stalwarts across banking, consulting, blockchain, credit bureau, and fintech.
SaveIN is a first-of-its-kind platform that aims to organize India’s largest personal loans market – lending/borrowing amongst family/friends and acquaintances (with or without interest) and aims to disrupt the personal finance market with its innovative products.
Speaking on the fundraise, Jitin Bhasin, Founder & CEO of SaveIN, said, “Over 75% of Indians lend and borrow money among each other, especially for their short-term loan requirements, we have created India’s first and only social finance platform, that aims to organize this large market of transactions amongst friends, family, and acquaintances facilitating discovery, matchmaking and record keeping of such transactions.”
“We want to positively impact the financial health of Indians, by leveraging their own trusted network and providing access to need-based and contextual financial products. The company is looking to use recently raised funds to expand its market reach, accelerate product development, and strengthen its in-house team. We aim to reach over 5 lakh users by the end of this fiscal year,” Bhasin said.
The company launched the beta phase of its operations in April 2021 and has already recorded over ten thousand downloads of its mobile app on Google Playstore.
Further adding to the statement, Bhasin said, “As part of its growth plans, SaveIN aims to offer a full scale, hyper-personalized, financial experience to its customers in association with partner institutions like banks, insurance, and mutual fund companies, thereby offering a comprehensive suite of products and services in the retail personal finance domain.”