The platform will use the funds to build a local language-based experience a must-have in order to reach low-income consumers in the country and to expand the current team to 100 people in the next 12-18 months.
“While India has progressed significantly in providing financial access to low-income consumers, customer engagement has lagged due to poor service levels or standardised offerings that simply do not meet people’s real needs,” Nilesh Agarwal, CEO and Co-founder of 0.5Bn FinHealth, which owns the YeLo said.
YeLo was founded by classmates Nilesh Agarwal and Abhishek Challa in 2018. The platform also focuses on serving mass market consumers with a custom-made suite of financial products to satisfy life-needs such as remittance, healthcare, education, ecommerce, and day-to-day cash flow management.
It aims to provide an array of innovative financial products and services aimed at improving financial outcomes to Indians in the segment dubbed as the Next Half Billion.
“The power of YeLo lies in personalising and curating relevant financial services offerings that address people’s real needs and risks in affordable packages priced under Rs 50,” Abhishek Challa, Co-founder of 0.5Bn FinHealth said.
The company said that despite having close to one billion debit cards in India, the lack of usage in half of them represents a significant opportunity to drive financial wellness through higher engagement products.