Cash is still the king when it comes to payments by Indian teenagers. Though digital payments are witnessing a major uptick in India, the young adults still depend on their parents’ cards in order to complete their online transactions.
FinOne Technologies is building a youth-focused neobank, muvin, for resolving this problem. Muvin aims to enable teenagers and young adults to get accustomed to banking from an early age and to gain financial independence and literacy.
Muvin’s co-founders Mukund Rao and Vineet Gupta are both seasoned entrepreneurs and have a wealth of experience across technology services and fintech.
The muvin way of banking brings together different financial products through an intuitive, easy-to-use, friction-free, gamified and education-powered experience. It enables a full-fledged neobanking experience by offering instant zero balance saving accounts, micro-investments, and credit products, which will be co-branded with muvin’s banking partners.
Muvin aims to offer the following benefits:
- The convenience of virtual card for online expenses and contactless card for offline expenses
- Expense Analysis to have a clear idea about where the money goes, to inculcate good spending habits
- Digital savings account can be opened from the convenience of home
- Educational loans are offered at the school level, by converting school fees into monthly EMI, and at the college level to pursue the youth’s educational dreams
- The app provides financial education to children to set and achieve their goals on the platform
- Rewards for referring friends and family
FinOne Technologies has recently raised a seed round of $1 million.
The round has seen investment from Krishnakumar Natarajan (Managing Partner, Mela Ventures), Ambar Maheshwari (CEO, IndiaBulls Asset Management), Gani Subramaniam (Partner, WRVI), Shajikumar Devakar (Executive Director, IIFL Asset Management Limited), Sandeep Jethwani, and other prolific angel investors from the financial services industry.
The funding will be used by ‘muvin’ to build its core team and technology infrastructure to launch the product.
“With an addressable market size of 200 million teenagers and young adults, the youth-focused neo-banking space is in a nascent stage at the moment but is expected to grow exponentially over the next few years, driven by high demand from teenagers and parents.”
– Mukund Rao, co-founder