FinTech start-up Niro closes $ 3.5 million seed funding


Embedded FinTech Startup Niro raised $ 3.5 million in a seed funding round led by Elevar Equity with participation from angel investors Kunal Shah, Nitin Gupta, Bala Parthasarathy, the Patni Family Office, R. Ramaraj and Aseem Dhru, according to the reports.

Recently launched by CEO Aditya Kumar and Chief Risk Officer Sankalp Mathur, FinTech startup plans to disrupt India’s consumer lending landscape by making integrated consumer credit products easily accessible to $ 624 million. of Internet users in the country.

See also: Integrated finance at the forefront of B2B technology finance

“At the heart of large-scale transformations is unique innovation. We believe that integrated finance is one such innovation, and Niro aims to harness the power of integrated finance to unleash the potential of all digital platforms for customers to become consumer lending FinTechs, ” Kumar said in a statement. “This will allow them to offer their consumers tailored and competitive financial products combined with a frictionless all-in-one platform experience. “

Niro said he plans to enable consumer brands online to offer seamlessly integrated credit products with measurable impact that also improve user experience and engagement.

Read more: APIs keep B2B’s promise to integrate BaaS

Mathur said that there is a vast opportunity for growth in the integrated finance space and Niro believes it is an “opportunity to completely redefine the distribution of financial services” and opens a new role for financial services. financial service providers.

Jyotsna Krishnan, Managing Partner of Elevar Equity, said the company only makes two or three investments per year and typically looks for founders who have a “deep focus and understanding of the end customer” and can develop “distribution models. differentiated and scalable “.

Krishnan added that the founders of Niro have a personal and professional understanding of the FinTech lending space and the associated obstacles and challenges, but also had the “clarity to target a financially underserved market through a differentiated strategy. which immediately seduced us ”.

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NEW PYMNTS DATA: DIGITAL BANKING STUDY – THE BATTLE OF BREWING FOR WHERE WE WILL BANK

On: Forty-seven percent of U.S. consumers avoid digital-only banks due to data security concerns, despite considerable interest in these services. In Digital Banking: The Brewing Battle For Where We Will Bank, PYMNTS surveyed over 2,200 consumers to reveal how digital-only banks can boost privacy and security while providing convenient services to meet this unmet demand.

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