Fello, a gamified savings platform headquartered in Bengaluru, has secured $4 million in a fresh funding round headed by US-based Courtside Ventures, with participation from Entrepreneur First, Y Combinator, Kube Venture, and Upsparks.
Angel investors also participated, including Kunal Shah (creator of CRED), Lalit Keshre (co-founder of Groww), Charlie Songhurst, Dafeng, and Alan Rutledge.
According to the business, the funds will be used to build gamified financial products, acquire talent, and grow its user base in Tier I and Tier II cities in India.
Fello, which was founded in 2021 by Manish Maryada and Shourya Lala, incentivizes consumers via games to save and grow their money with rates that are better than typical savings accounts.
Manish Maryada, Co-founder and CEO of Fello, said, "At now, our user base exceeds 500,000, with 72% of consumers coming to the platform via recommendations." We are sure that, with our accelerated development and expansion, we will meet our goal of five million customers by December 2023.
Commenting on the investment, Kai Bond, Partner at Courtside Ventures, said, "There is an enormous market potential to bridge the gap between financial knowledge and investing via a fun and gamified experience." We are optimistic that tremendous potential exists at the junction of gaming and financial services in India.
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