India-based INDmoney was founded in 2019 by the former head of Google India, Ashish Kashyap.
The digital wealth management platform raised a whopping US$75million in a Series D funding round, co-led by Steadview Capital, Tiger Global, and Dragoneer.
The funds raised will enable a “super banking platform” for families to save, plan, and invest. Meanwhile, INDmoney hit 3.5 million registered users with a 20% month-on-month growth rate and tracked US$15 billion in investments.
Its neobank services had already seen 500,000 savings accounts being opened within just 3 months of launching and saw transactions exceed US$1 billion in value. This is just the beginning for INDmoney, the platform aims to gain 25 million more users through inorganic growth activities and will invest in tech, research, and development. It is also adding stock brokerage stack and credit products to its digital wealth management platform in the near future.