Matrix Partners, Sequoia Capital, others infuse $24 million in fintech startup Amica

Must Read

Sanju Samson to replace Shikhar Dhawan in T20 series against WI

Sanju Samson will replace injured Indian opener Shikhar Dhawan in the T20s series against West Indies starting from next...

Supreme Court lashes out on Centre & Delhi govts for Rising Pollution

The Apex Court of the Country, the Supreme Court on Monday lashed the Central and State Government for their...

Harbhajan Singh wishes BCCI Prez Sourav Ganguly to change Selection Panel

The Indian off-spinner Harbhajan Singh on Monday urged Sourav Ganguly, President of BCCI (The Board of Control for Cricket...

Amica, a newly-launched fintech startup, has bagged $24 million (approx INR 169 crore) in its maiden funding round from Greyhound Capital, 3one4 Capital, Rocket Internet, Matrix Partners and Sequoia Capital, reported ET.

The financial pump in the fintech platform Amica has valued the company at $70 million.

Amica Financial Technologies is an upcoming digital retail bank, which was founded by Jitendra Gupta, co-founder at Citrus Pay, in 2019.

Gupta told ET that the funding round has come to an end, however, declined to release the details.

Amica will provide savings account, investments and lending services to the salaried millennial population with an income demographic of INR 50,000 and upwards, in partnership with a large private bank, whose name has yet to be disclosed.

According to Gupta, Amica’s business model will be based on neo banks and it is formally expected to launch operations in February or March 2020.

Amica has entered into the fintech segment with some of the emerging giants, which include Paytm Payments Bank, Lendingkart, PayU, Cred, Groww, Aye Finance, and many more.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

Sports discovery space Sportido bags undisclosed amount of funding from IP Ventures, others

Sportido, a sports discovery startup, has bagged an undisclosed amount in its second round of funding from IP Ventures,...

Sequoia India, Hillhouse Capital, others infuse $70 million in used car platform CarDekho through series D round

CarDekho, a platform to sell and buy used cars and an automobile subsidiary of Girnar Group, has bagged $70 million (approx INR 498 crore) in series...

Omidyar Network, Eight Roads Ventures, others invest $6 million in used bikes startup Credr

Credr, a marketplace for used bikes, has secured $6 million (approx INR 38 crore) in an investment round from Omidyar Network, Eight Roads Ventures,...

PUBG mobile to get 90FPS support soon

Qualcomm announced its next-generation processor that will support 5G, 200 MP camera, and 144Hz displays. The new processor will have a new function that...

Opera v55 for Android brings Super Dark Mode

Opera is the oldest mobile browser, we have used it on simple keypad mobile to Android smartphones. It used to be the first choice...
- Advertisement -

More Articles Like This