Y Combinator backed fintech startup Bueno Finance on Tuesday and announced that it’s raised $3 million in its seed round from a slew of investors like Goat Capital, JAM Fund, fruit tree Capital, Good Water Capital et al. from Silicon Valley. The marquee Indian Angel investors Kunal Shah, Anupam Mittal have also participated within the round, the corporate announced.
The Gurgaon-based fintech startup plans to use the funds to expand the merchandise offerings and strengthen its team across engineering, product, sales, credit and operations, to support its accelerated growth plans.
It was launched in October 2019 by Saurav Gandhi and Sandeep Arora, Bueno Finance is credit-focused neo-bank for India’s middle and lower-middle income segment.
As per the latest announcement made we came in touch with Saurav Gandhi, Co-Founder and CEO, Bueno Finance he said that “Only 10 percent of the formal credit (mostly secured) goes to 45 per cent households of India earning approximately $200-$400 a month. Bueno Finance wants to democratise credit along side other financial services to this massive segment.”
He further added, “We are growing very rapidly and plan to acquire multiple partners for customer acquisition. Bueno is partnering with quality employers to fulfill its mission, which ensures a win-win arrangement for the customer and the employer.”
“Bueno finance is accelerating the emergence of the massive middle in India. I am impressed by Saurav and Sandeep’s depth of understanding of the market dynamics,” said Justin Mateen (Co-Founder, Tinder).
Justin heads JAM Fund, and has deployed 100 million within the last year alone. He was ranked the amount 1 seed investor within the US and has been an early investor in 18 unicorns.