Fello Aims To Be India’s Top Prize Linked Banking App

The company aims to make finance fun and rewarding, thereby helping India's youth build better financial health

Manish Maryada, CEO & Founder, Fello

FinTech BizNews Service

Mumbai, December 22, 2023: Launched in 2022, Fello is India’s one of the largest rewarding savings apps, where users can earn 5x returns and rewards just by saving in safe and secure assets. The company aims to make finance fun and rewarding, thereby helping India’s youth build better financial health.

Company Highlights:-

• Onboarded over 500k users
• 100k users have grown their savings by 15.5%.
• Fello aims to onboard over 2 million users by June 2024
• Raised a total of $5M from various global investors
• Seed round: $1M
• Pre-Series A round: $4M
• Investors include Courtside Ventures, Entrepreneur First, Y Combinator, Upsparks, Dexter Angels, JITO Angels, and notable individuals like Kunal Shah (Cred), Lalit Keshre (Groww), Bala Parthasarathy (Freo), and Ashneer Grover (Ex-BharatPe)
• Presently, Fello has a user base of over 5,00,000 people with 72 percent of customers coming to the platform organically

Manish Maryada, CEO & Founder, Fello, explains: “These numbers highlight Fello's rapid growth in user acquisition, substantial savings growth among users, the value of rewards distributed, and the significant investments secured to support its expansion and development.”
As we approach the close of 2023, fintech undergoes transformative changes. 2023 has been a roller coaster. India is now the world’s second-largest mutual fund industry, with over $400 billion in assets under management. Manish Maryada points out: “The surge in digital banking, mobile wallets, online payments reflects evolving financial preferences and AI in Fintech. We Indians are known for our healthy savings practices and amid this, Fello, India’s largest rewarding savings app, shines. Since its October 2022 launch, Fello boasts 500,000+ users, a 15.5% savings growth, and over Rs. 50 lakh in rewards. Aiming for 2 million users by June 2024, Fello aims to be India’s top Prize Linked Banking app.”
Despite geopolitical challenges and economic uncertainty, the fintech industry remains optimistic. Manish Maryada believes; “The future’s looking brighter than ever & Fello aligns seamlessly with this vision witnessing substantial growth in users and investments in the years to come.”