Neobank Yelo raises funding from Matrix Partners, Omidyar, others

A woman holds a mobile phone in her hands. Photo: Pixabay

Personalized neobanking service Yelo said on Wednesday it has raised seed round funding from Matrix Partners India, Omidyar Network India, Flourish and current investor, Better Capital.

Yelo describes itself as a digital-only mobile-first neobank with a custom-made suite of financial products for remittance, healthcare, education, e-commerce, and day-to-day cash flow management.

Nilesh Agarwal, CEO and co-founder of 0.5Bn FinHealth, which owns Yelo, did not disclose the amount the company has raised in this round. However, he said the funds raised in this round will be used to build the product, technology, sales and customer service teams, and a local language-based experience.

The company plans to expand the current team from the current strength of 20 to 100 people in the next 12-18 months, he added.

The company says it will personalize offerings to workers in manufacturing and construction, security guards, truck drivers, farmers, and gig economy workers, to provide services such as banking, payments, credit and insurance.

The article was first reported on livemint.com  

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.