Bangalore: Personalized neobanking service Yelo said on Wednesday it has raised seed round funding from Matrix Partners India, Omidyar Network India, Flourish and current investor, Better Capital.
Yelo describes itself as a digital-only mobile-first neobank with a custom-made suite of financial products for remittance, healthcare, education, e-commerce, and day-to-day cash flow management.
Nilesh Agarwal, CEO and co-founder of 0.5Bn FinHealth, which owns Yelo, did not disclose the amount the company has raised in this round. However, he said the funds raised in this round will be used to build the product, technology, sales and customer service teams, and a local language-based experience.
The company plans to expand the current team from the current strength of 20 to 100 people in the next 12-18 months, he added.
The company says it will personalize offerings to workers in manufacturing and construction, security guards, truck drivers, farmers, and gig economy workers, to provide services such as banking, payments, credit and insurance.