Gamified savings and investment platform Fello has raised $4 million in its latest funding round led by US-based Courtside Ventures along with round participation from Entrepreneur First, Ycombinator, Kube Venture, Upsparks, CRED-founder Kunal Shah, Lalit Keshre, Charlie Songhurst, Dafeng, and Alan Rutledge.
Previously, in November 2021, the company had raised $1 million in a seed round.
The company utilized these funds to develop unique gamified financial products, hire top talent across functions, and expand its user base to the many millions in the tier-1 and tier-2 cities of India, Fello said in a press release.
The Bengaluru-based company aims to make finance enjoyable and rewarding, assisting India’s youth in achieving better financial stability, onboarding 5 million customers by the end of 2023, and empowering India’s underbanked population with an innovative line of services that gamify investing.
Fello claims to have a 500,000-strong user base, with 72% of users coming to the site organically through referrals.