Neobank startup muvin raises $3 Mn

muvin, a youth focused neobank, has raised $3 million in a pre-Series A round led by WaterBridge Ventures. Venture Debt fund Alteria Capital and Krishna Bhupal have also joined the round.

Earlier in April 2021, muvin had raised a seed round of over $1 million. With the closure of the latest funding round, WaterBridge Ventures, Alteria Capital and Krishna Bhupal join existing stakeholders Krishnakumar Natarajan, Ambar Maheshwari and other prolific angel investors from the financial services industry.

The proceeds will be used for product development and to more than double its team size from the existing 25 in the next 12 months, said muvin in a press release.  

Co-founded by Vineet Gupta and Mukund Rao, muvin caters to both teens and young adults through its prepaid card and mobile app. Parents can transfer allowance directly to the child’s wallet who can then use it to make payments online or offline with their contactless muvin card available in different designs

The Bengaluru-based startup claims to have over 20,000 registered users.