Home Funding Alert Savings and Investment platform Fello raises $4 Mn

Savings and Investment platform Fello raises $4 Mn

Fello Fintech Funding

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.

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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.

Founded in 2021 by Manish Maryada and Shourya Lala, Fello is a gamified savings and investment platform where users earn gaming tokens, which can be used to play games and win rewards. It incentivizes users for saving, growing their money, and receiving returns higher than their traditional savings accounts.