Mumbai Angels back cloud-based neobank Nemo with undisclosed funding amount
Early-stage investors’ platform Mumbai Angels Network has invested an undisclosed amount in Nemo, a cloud-based neobank for small businesses. The freshly infused funds will be utilised by the startup to accelerate its product development, hiring, and customer acquisition.
A brainchild of IIM Ahmedabad alumni Ashish Deswal and Jeevan Gopisetty, Hyderabad-based Nemo is on a mission to create a first-of-its-kind business through its banking platform that aims to simplify the financial aspect of business for India’s micro entrepreneurs and empower them with the right tools, resources, and networks that large corporations have access to.
“The next decade will be a golden period for neobanks. While user experience across all other sectors such as e-commerce, logistics, food delivery, education, has seen disruptions, the banking sector has been relatively slow in adopting technological advancements and continues to follow a traditional approach. We are now witnessing a growing demand from business customers of banks for a better banking experience that is on par with that of other industries,” said Gopisetty.
Nemo is currently piloting with a small cohort of selected customers and plans to scale up over the next 12-18 months.
“MSMEs are the backbone of the Indian economy. But they often face multiple challenges when it comes to access to banking and finance. As the fintech industry grows exponentially in their offerings and footprint, our investment will help a fast-growing platform such as Nemo scale and expand to empower the country’s MSMEs with the required access to financial services,” said Nandini Mansinghka, co-promoter, and CEO of Mumbai Angels Network. The angel investor platform witnessed around 36 exits that included startups like Purplle, Unocoin, Exotel and Mcaffiene last year. The platform is looking at around 50-60 new investments this year.
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