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Mumbai: Neo-banking platform SaveIN has raised funds in its extended pre-seed round, led by seasoned investors, including Narendra Kumar, co-founder, Enterslice Fintech Private Limited.

Ankur Seth, director, Elite Wealth Advisors, and Satyam Kumar, founder & CEO, Loantap, also participated in this round.

With this fresh round of funding, this Gurgaon-based innovative fintech startup aims to deepen its product offerings by adding banking, credit and payments in the next few months.

Having received a patent on its flagship social finance product, from Indian Patent Office in July this year, SaveIN is digitizing social and relationship-based loan transactions among friends, family and acquaintances. SaveIN had earlier raised funds from Indian and international investors in May this year.

Jitin Bhasin, founder & CEO, SaveIN said, “Our vision is to disrupt the way Indians transact and bank. We are committed to introducing innovative products and services in the personal finance domain to simplify an individual’s daily interactions with money. We aim to serve over 5 lac customers in the upcoming 12-month period and are thankful to our investors and partners for backing our vision of creating a truly connected and digital, personal finance ecosystem."

The startup had rolled out its Beta program in April 2021, through its mobile app on Google Playstore and Apple App Store. Since its launch, SaveIN app has been downloaded by over 50,000 users and has already recorded thousands of transactions from users across the country; the platform is now doubling its transactions base month on month.

Narendra Kumar of Enterslice said, “SaveIN has a unique product offering and is addressing a very large market in India. Social loans are the backbone of Indian economy and are growing rapidly especially post Covid. With deep domain expertise, patented solution, well-rounded vision and demonstrated execution capabilities of the founding team, SaveIN has a distinctive advantage. "

SaveIN was founded in 2020, by ex-banker and fintech professional Jitin Bhasin, who teamed up with Gaurav Luthra (Ex-founder Whatsuplife) and Anurag Varma (ex-EY Hong Kong), SaveIN is building a differentiated neo-banking platform and has received a patent for its flagship social finance product from India Patent Office in July this year.

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). SaveIN aims to disrupt the personal finance market with its innovative products and solutions

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