Vertex Ventures led a $2.3 million investment in fintech startup Tortoise
- ByStartupStory | April 5, 2022
Tortoise, a fintech firm, has raised $2.3 million in a preliminary fundraising round sponsored by Vertex Ventures, a Temasek Holdings wholly-owned subsidiary. Tortoise has received money twice in the last 12 months. To date, the company has raised a total of $3 million.
The round was also attended by Better Capital, Cloud Capital, and notable operators such as Kunal Shah, founder of Cred; Neeraj Arora, the former chief business officer of Whatsapp; Ankur Nagpal, founder of edtech startup Teachable; and Ganesh Rengaswamy, cofounder of Quona Capital.
The firm said in a prepared statement on Monday that it aims to collaborate with additional brands and merchants to give customers more ways to save money and make ‘save now, buy later’ a feasible alternative for greater returns instead of the ‘buy now, pay later’ model.
Vardhan Koshal and Surya Harsha Nunnaguppala founded Tortoise in 2021. Users can use the fintech company to save money for significant purchases. Tortoise offers a variety of weekly and monthly savings plans that last anywhere from a few months to a year. Users can make little donations over the course of a few weeks or months and then reap the rewards all at once. In the global market, Tortoise product adoption and use are rapidly increasing, but the sector in India is still in its infancy.
Meanwhile, Accrue Savings, a New York-based fintech business that competes with Tortoise, raised $25 million in a funding round led by Tiger Global Management in January 2022. Accrue Savings is a Buy Now Pay Later (BNPL) competitor that encourages customers to save money in order to make the purchases they want without relying on credit.
Follow Startup Story
Related Posts
