Mumbai-based startup Amica Financial Technologies, an upcoming digital retail bank, has received $24 million in its maiden funding round. The funding is backed by a long list of institutional investors including Greyhound Capital, 3One4 Capital, Germany’s Rocket Internet, venture capital funds Matrix Partners and Sequoia Capital. The company was founded by Citrus Pay cofounder Jitendra Gupta, along with Vishnu Jerome of law firm Jerome Merchant and Partners in 2019.
Other institutional investors in the company include co founder and CEO of Zerodha, BeeNext and Tanglin Venture Partners, while Nitin Kamath,CEO of People Group, and Manish Vij, Freecharge’s Sandeep Tandon; Anupam Mittal, co-founder of Smile Group, have also invested in their personal capacities.
As per ET, the venture will provide savings accounts, investments and lending services to the salaried millennial population with an income demographic of ₹50,000 and upwards, in partnership with a large private bank, whose name is yet to be disclosed.
Amica Financial Technologies is a digital retail bank that specializes in legal, accounting, book-keeping, auditing activities, tax consultancy, market research and public opinion polling, and business and management consultancy.
