The Indian Wire » Startups » Matrix Partners, Sequoia Capital, others infuse $24 million in fintech startup Amica
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Matrix Partners, Sequoia Capital, others infuse $24 million in fintech startup Amica

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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.

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