Indian Neobank Amica Applied sciences Secures $2 Million in Funding from Bedrock Capital, Hummingbird Ventures

Neobank Amica Applied sciences, which is managed by Jitendra Gupta, the previous PayU India’s chief government, has acquired $2 million in capital by means of an funding spherical led by two main VC companies, together with UK-based Hummingbird Ventures and US-headquartered Bedrock Capital.

Gupta stated his firm is planning to make use of the funds raised to launch digital banking operations for Jupiter in July 2020. The corporate has about 50 workers on its payroll. They’re at the moment working on the agency’s enterprise workplaces in Bengaluru and Mumbai.

Amica had beforehand secured $24 million in funding (in November of final yr), which was notably one of many largest ever seed funding rounds for an Indian firm. Sequoia Capital, 3one4 Capital, Matrix Companions and Beenext had contributed to the spherical.

Anupam Mittal, CEO at Folks Group, Nitin Kamath, co-founder and CEO at Zerodha, Sandeep Tandon, founder at FreeCharge, and Smile Group co-founder Manish Vij had additionally made strategic investments in Amica’s seed spherical.

In 2016, Gupta and his enterprise companions Amrish Rau and Satyen Kothari had bought Citrus Pay to PayU for round $130 million. Following the acquisition, Gupta joined the chief crew at PayU, in an effort to help the agency with establishing its credit score enterprise, known as LazyPay.

Gupta identified that the standard banking sector goes by means of huge modifications. He added that the difficult occasions we’re dealing with, because of the Coronavirus outbreak, have made it apparent that digital banking will prepared the ground ahead for shoppers and companies.

Following its newest funding spherical, Amica’s valuation has elevated by 43% to $100 million. The Fintech agency was beforehand valued at round $70 million (again in November 2019).

Amica’s digital banking platform, Jupiter, will supply a financial savings account, numerous funding choices, and lending providers to salaried staff in India. The corporate stated its providers are primarily supposed for millennials who make greater than INR 50,000 (appr. $655) per 30 days.