Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / Start-ups/  Neobank Yelo raises funding from Matrix Partners, Omidyar, others
BackBack

Neobank Yelo raises funding from Matrix Partners, Omidyar, others

Yelo describes itself as a digital-only mobile-first neobank with a custom-made suite of financial product
  • Yelo did not disclose the amount the company has raised in this round
  • Premium

    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.

    Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

    Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
    More Less
    Published: 04 Sep 2019, 06:42 PM IST
    Next Story footLogo
    Recommended For You
    Switch to the Mint app for fast and personalized news - Get App

    Chat with MintGenie