Amica Financial Technologies, a new venture floated by CitrusPay co-founder Jitendra Gupta, has raised $24Mn in its first round of investment. The venture, which is currently in stealth, is shaping up to be a digital retail bank — a.k.a. neo bank — targeted at India’s millennial population with monthly incomes of over INR 50,000 (~US$750).
In terms of the firms backing the digital banking startup, there is a list of marquee names. This includes Greyhound Capital, 3One4 Capital, Germany’s Rocket Internet, venture capital funds Matrix Partners and Sequoia Capital. Additionally, a host of angel investors have also pitched in, which include Snapdeal cofounders Kunal Bahl and Rohit Bansal, Falcon Edge Capital’s Navroz Udwadia, DST Global’s Rahul Mehta, Kunal Shah of Cred, BookMyShow founder Ashish Hemrajani and Nubank founder David Velez.
Since Amica is currently in stealth, not much is known about the platform. However, it is expected to be a full fledged digital retail banking solutions provider, with services like savings account, investments and lending services to the salaried millennial population. The platform is in the process of onboarding a major private sector bank for the same.
According to a report from the Economic Times, it is formally expected to launch operations in February or March next year.
Other institutional investors in the company include BeeNext and Tanglin Venture Partners, while Nitin Kamath, cofounder and CEO of Zerodha, Freecharge’s Sandeep Tandon; Anupam Mittal, CEO of People Group, and Manish Vij, co-founder of Smile Group, have also invested in their personal capacities.