Fintech firm PlutosOne announces the close of its angel funding round
Capital raised in the angel investment round will be used for team expansion and platform building.
Becoming a bridge between people who are not aware of the financial services and the respective financial institution, companies and banks is probably the vision of PlutoONE. A fintech startup that aims to take care of the financially ignorant people by giving them various incentives and encouraging them to use financial services provided by various companies and banks.
Delhi-based fintech startup plutos ONE announced the close of its Angel Round today. The round saw participation from several angels including Aakash Chaudhry (MD, Aakash Educational Services), Prabhjeet Singh (President, Uber India & South Asia), Neeraj Mohan (MD & CEO, IARC; ex-Partner, The Blackstone Group), Gautam Kamath (Group CFO, P&G India), Swordfish Ventures, Raghuvanshi Investments, Sarcha Advisors, Ravi Gosain (MD, Erco Travels), Harish Uniyal (MD, CSR Times), Akhilesh Singh (Vice Chairman, Sriram Credit), Dinkar Devgan (Head of Recruitment) . , Google India) and Cogniphy LLC. The capital raised will be used to expand the team and build the core platform.
Neeraj Mohan, MD & CEO, IARC, said, “India has seen a massive transformation in the digital payments space and it has set the stage for universal access to financial services. plutos ONE is the next step in this journey where you help a large part of society to access and consume financial services that only a select few have currently had access to.”
plutos ONE aims to help financial institutions and banks better engage and monetize their customers through incentives based on principles of behavioral finance, powered by AI and ML, by offering multiple trade transactions and incentives on a common platform. 900 million people in India have bank accounts, but the majority of them do not use them for anything other than deposit and withdrawal services. Banks realize this and see digital as a quick way to serve this large customer base in more meaningful ways. plutos ONE aims to be the bridge that allows banks and customers to interact more closely and accelerate the process of access to top services for all.
Founded and led by Rohit Mahajan and Rajjat Gulati, plutos ONE is the latest venture of a team that has served payment partners like NPCI – RuPay & UPI, Visa, Mastercard, SBI Cards, HDFC, Bank of Baroda, ICICI Bank, Kotak Bank , Freecharge, Uber and Loyalty Rewardz.
In a statement, co-founder Rajjat Gulati said, “There is tremendous innovation happening in Fintech in India. But the benefits of that innovation are unevenly distributed. plutos ONE is a reimagining of the platforms, incentives and business models necessary to take those benefits to the next 200 million Indians and beyond.” He also shared some details about the latest campaign plutos ONE ran for RuPay Cards, BOB Financial and Times HDFC. “Customers with no credit card experience went through the process of activating and using their cards to pay shipping charges to send free Rakhis to their families on the occasion of Rakshabandhan. The response was overwhelming and showed how well the combination of behavioral economics and digital engagement works.”
