Gamified savings platform Fello has raised $4 million in its latest funding round led by Courtside Ventures along with round participation from Entrepreneur First, Ycombinator, Kube Venture, Upsparks, CRED-founder Kunal Shah, Lalit Keshre, Charlie Songhurst, Dafeng and Alan Rutledge.
Previously, in November 2021, the company had raised $1 million in a seed round.
The proceeds will be deployed to develop unique gamified financial products, hire top talent across functions, and expand its user base to the many millions in the tier-1 and tier-2 cities of India, Fello said in a press release.
Founded in 2021 by Manish Maryada and Shourya Lala, Fello is a gamified savings and investment platform where users earn gaming tokens, which can be used to play games and win rewards. It incentivizes users for saving, growing their money, and receiving returns higher than their traditional savings accounts.
The Bengaluru-based company aims to make finance fun and rewarding, thereby helping India’s youth build better financial health, and on-board 5 million customers by the end of 2023 and enable the underbanked population of India through an innovative suite of products that gamify investing.
Fello claims to have a user base of over 500,000, with 72% customers coming to the platform organically through referrals.