Fintech startup Mewt raises $4.6 million of seed funding from Quona Capital and others
- ByStartupStory | June 16, 2022
Mewt, an Indian banking app for MSMEs, announced that it has secured $4.6 million (35.8 crore) in a seed fundraising round headed by global fintech investor Quona Capital. This fundraising round included Beenext, DG Daiwa Ventures, Goodwater Capital, Allin Capital, and a slew of fintech angel investors, according to Mewt. Mewt Account Pvt. Ltd, a Bengaluru-based startup, will utilise the new funding to grow its staff and develop a reward-based debit card for Indian SMEs.
Mewt, created last year by BITS Pilani grads Rishabh Jain and Kushal Prakash, enables MSMEs simplify business banking by combining accounts from state-run banks, commercial banks, and neo banks into a single mega account. It enables companies to conduct quick transfers and collect payments using a patented QR code with no delays.
Rishab Jain, the founder of the company said that Mewt is on its way to revolutionising merchant QR payments in India the way Square did for point-of-sale terminals in the United States. He also mentioned that the business is focusing on making its app available in a variety of regional languages.
In only four months since January, the firm has been able to connect over 200,000 small companies in more than 600 tier-II and tier-III cities throughout the country, according to the statement.
Varun Malhotra, partner at Quona Capital said that the overwhelming demand for this service demonstrates how difficult cash management has become for SMEs in the digital era. And the firm is excited to see what MSMEs can do with Mewt’s supercharged platform.
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