mewt, a banking super-app for Indian Micro, Small & Medium Enterprises, has raised $4.6 million in its seed round led by Quona Capital, with participation from existing investor BEENEXT, DG Daiwa Ventures, Goodwater Capital, Allin Capital, and a clutch of fintech angels.
The Bengaluru-based startup will use the funds raised to expand its team and launch a debit card for Indian MSMEs.
Founded by Rishabh Jain and Kushal Prakash, mewt offers an alternative business banking solution to cash-strapped MSMEs.
The ten-month old startup claims to have worked with over 200,000 small businesses across over 600 tier-2 and tier-3 cities in India within four months of its launch in January 2022. The startup aims to reach a million users by 2022-end.