The Gurgaon-based fintech startup will use the funds to expand the product offerings and strengthen its team across engineering, product, sales, credit and operations, to support its accelerated growth plans.
New Delhi, 22nd June 2021: Y Combinator-backed Fintech startup Bueno Finance has raised $3 million in its seed round from a slew of investors such as Goat Capital, JAM Fund, Olive Tree Capital, Good Water Capital and others from Silicon Valley. The marquee Indian Angel investors Kunal Shah, Anupam Mittal have also participated in the round, the company announced on Tuesday.
The fintech startup, which was part of the winter 2021 batch of Y-Combinator, was launched in October 2019 by Saurav Gandhi and Sandeep Arora, with the mission of providing financial Solutions to the Next Billion Users in India. Bueno Finance is credit-focused Neobank for India’s middle and lower-middle income segment.
Speaking about the announcement Saurav Gandhi, Co-Founder and CEO, Bueno Finance said, “Only 10% of the formal credit (mostly secured) goes to 45% households of India earning approximately $200-$400 a month. Bueno Finance wants to democratise credit along with other financial services to this massive segment.”
“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”. He added.
With Bueno Finance, consumers can seamlessly get access to a credit line, build their financial health, save, and spend in smarter ways.
“We are excited to be a small and early part of the Bueno Finance journey,” said Justin Kan, General Partner of Goat Capital. “As children of middle class families, the vision of financial inclusion and building credit for a better future resonated with us deeply. Saurav and Sandeep are the type of humble and mission driven founders we love to back.”
Goat Capital was founded in 2020 by Justin Kan (Co-founder of Twitch) and Robin Chan with over $100 million under management. Justin and Robin have invested at the earliest stages in companies such as Gingko Bioworks, Ramp Financial, Razorpay, Scale.ai, Square, Twitter, Uber, Xendit, and Xiaomi.
“Bueno finance is accelerating the emergence of the massive middle class 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 in the last year alone. He was ranked the number 1 seed investor in the US and has been an early investor in 18 unicorns.