SaveIN, a social finance-based neobank, has raised an undisclosed amount in pre-seed funding from a clutch of global and Indian angel investors and industry stalwarts. The Gurgaon-based firm will use the funds for expansion plans and product development.
The names of the investors – who were from banking, consulting, blockchain and fintech – were not immediately disclosed.
“The company is looking to use the 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 financial year from the present 10,000,” Jitin Bhasin, Founder and Chief Executive Officer at SaveIN said.
Set up in 2020 by banker and fintech professional Jitin Bhasin, SaveIN helps users lend and borrow money among each other, especially for short-term requirements.
Bhasin had teamed up with EY Hong Kong senior executive Anurag Varma and Gaurav Luthra, founder of Whatsup Life to start SaveIN. The company also roped in Rahul Gupta as Chief Financial Officer (former VP-Finance at Stashfin) and Karan Jain as Chief Operating Officer (former Director at Bankbazaar).
The company launched beta phase in April 2021.