Mumbai Angels Network invests an undisclosed amount in smart cloud-based neobank Nemo as a pre-seed funding round
Nemo plans to use the freshly infused capital towards acceleration of product development, hiring, and customer acquisition
May 18, 2021: Mumbai Angels Network, a premium platform for early-stage investments, has invested an undisclosed amount in Nemo, a smart cloud-based neobank for small businesses.
An easy, secure, and smart cloud based neobank for small businesses that unifies banking accounting, credit, and operations, Nemo is the brainchild of IIM Ahmedabad alumni Ashish Deswal and Jeevan Gopisetty. Based out of Hyderabad, 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 MSMEs and empower them with the right tools, resources, and networks that large corporations have access to. The freshly infused funds will be utilized to help Nemo accelerate its product development, hiring, and customer acquisition.
Speaking on the first round of funding, Ashish Deswal, Co-Founder of Nemo said, “We have been closely monitoring what the neobanks in Europe have been able to accomplish in a short period. However, these models may not be directly applicable in India as our MSMEs have a wider spectrum of needs and starkly different behavior in terms of finance and banking as opposed to their western counterparts. We are thrilled to be backed by an eminent platform such as Mumbai Angels Network and hope to utilize this fresh capital infusion to take Nemo to new heights.”
Commenting on the investment, Nandini Mansinghka, Co-Promoter, and CEO of Mumbai Angels Network said, “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.”
“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, etc., 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”, added Jeevan Gopisetty, Co-Founder and CEO of Nemo.
Nemo is currently piloting with a small cohort of selected customers and plans to scale rapidly over the next 12-18 months.