Fintech Startup BranchX Secures $900K Funding to Propel Expansion and AI Development

• ByStartupStory     |    November 9, 2023

AI-powered neobanking startup BranchX has successfully raised $900,000 in funding from High Net Worth Individuals (HNIs) and angel investors, aiming to accelerate its expansion initiatives. The fintech company, with a focus on serving the middle-class population in semi-urban cities and towns, plans to utilize the funds to advance the development of its AI voice assistant product, Xenie.

Rajesh Johnny, CEO, and Co-founder of BranchX highlighted the strategic allocation of the newly acquired bridge capital, stating, “The latest infusion of bridge capital will contribute to stabilizing the existing operations, the development of Xenie as a comprehensive loyalty and reward program, and the establishment of a strong foundation for the upcoming Series A.”

BranchX boasts a user base of over 30,000 wallet users and a network of 3,000 agents. In the first half of the current financial year, the neobank has facilitated transactions exceeding $20 million on its platform. The funding injection is expected to play a pivotal role in not only reinforcing the startup’s current operations but also in enhancing its innovative AI offerings.

Xenie, the AI voice assistant, is positioned as a key focus for development, with the goal of transforming it into a robust loyalty and reward program. The funds will play a crucial role in catalyzing the evolution of Xenie to meet the growing demands of the neobanking sector.

Moreover, the funding will contribute to establishing a strong foundation for BranchX’s upcoming Series A round, further fueling the company’s growth trajectory.

BranchX’s commitment to catering to the financial needs of the middle-class population in semi-urban areas has positioned it as a player with substantial potential in the fintech landscape. The successful funding round underscores investor confidence in the startup’s vision and execution.

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As of now, BranchX has become a significant player in the neobanking space, demonstrating its capabilities through a considerable user base and noteworthy transaction volumes. With the newly acquired capital, the company is poised to embark on the next phase of its expansion, leveraging technology to address the financial needs of its target demographic.

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