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HomeInsightFunding Alert Fintech startup Mewt raises $4.6 mn in seed round

[Funding alert] Fintech startup Mewt raises $4.6 mn in seed round

[Funding alert] Fintech startup Mewt raises $4.6 mn in seed round

Mewt, a banking app for micro, small and medium enterprises (MSMEs) of India, has raised $4.6 million in a seed funding round led by Quona Capital.

Existing investors BEENEXT, DG Daiwa Ventures, Goodwater Capital, and Allin Capital, as well as a clutch of fintech angels also participated in this round.

The platform plans to use the funds to expand its team and launch a reward-based debit card for Indian MSMEs.

Also read – [Funding alert] Fintech Platform DPDzero raises Rs 3.9 crore in funding

The Bengaluru-based Mewt was founded in 2021 by entrepreneurs Rishabh Jain and Kushal Prakash, It helps in easing business banking for MSMEs by integrating accounts offered by state-run banks, private banks and newly introduced banks under a single super account.

The startup allows businesses to make fast transfers and accept payments without any delay over proprietary QR codes.

“mewt began with the mission of impacting the lives of as many Indians as possible. Within four months, mewt has been able to reach over 200,000 small businesses, and in the coming four years, we aim to be the face of the Indian business banking ecosystem. With the funding, we are all set to grow our team to unlock the next level of growth, as well as elevate the banking experience for millions of small businesses in India”, said, Rishabh Jain, Co-founder and CEO of Mewt.

Also read – [Funding alert] Web3 startup DAOLens raises $5 mn in a Pre-Seed round

The platform has been able to reach over 200,000 small businesses in over 600 Tier-II and Tier-III cities in the country within just four months from January, the statement said.

“The massive volume of MSMEs clamouring for this service shows us just how complex cash management has become for MSMEs in this digital age. We look forward to what MSMEs can do with one super-charged platform from Mewt,“ said, Quona Capital, partner, Varun Malhotra.

In 2021, Mewt had raised around $600,000 in seed funding round from BEENEXT and a slew of angel investors.

Also read – [Funding alert] D2C skincare brand Foxtale raises $4 mn funding

About Mewt

Mewt (pronounced as mute) is modernizing banking for SMEs of Bharat by creating a supercharged bank account for them where they can combine all their accounts in one place, get 15 days of interest free credit, and earn 1% cashback on all supercharge card spends. Mewt is bringing the privileged banking to the underserved MSMEs & making missed-EMIs history.

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