Fintech Startup iTribe Raises $1 Million Funding From Eximius Ventures, Kunal Shah, Others
iTribe, a Bengaluru-based fintech startup, has raised $1 million in its latest funding round from Eximius Ventures, Kunal Shah (Cred), Incisive Ventures, and several angel investors.
Pearl Agarwal (Eximius Ventures), the leadership team of Cred (Harish, Swami, Sreeni, Ketan), and angel investors such as Aravind Sanka, Pavan Guntupalli and Rishikesh SR (founders of Rapido), Reeju Datta (founder of Cashfree), also participated in the funding round.
The Bengaluru-based fintech startup plans to deploy the funds to build new technology tools that make adoption by the front line more accessible.
iTribe | Financial Social Network
Founded in 2021 by IIT Kharagpur alumni and second-time entrepreneurs Nikhil M. and Pruthvi Raj E., iTribe is a financial social network that allows anyone to discover, discuss, vet ideas and seek financial advice. The startup aims to help users make investment decisions, discover news and tools, and seek opinions from investment professionals.
As per Nikhil M, retail trading has boomed since the pandemic, with broking accounts growing by around 50% within nine months. But the penetration has been low among millennials.
Speaking about the development, Nikhil M said,
“In March 2020, out of the then four crore demat accounts, 75% were inactive. This tendency can be attributed to the lack of knowledge, which can be solved by access to the right resources and guidance. We aim to make iTribe a place for anyone to learn and become informed investors and traders.”
iTribe is working with a mission to make finance from being a taboo topic to a dinner table topic, which will help in making “Bharat” financially literate and independent. The startup aims to become a holistic investment learning platform for stocks, NFTs, mutual funds, and cryptos.
Currently, iTribe has around 10 clients from business-to-business (B2B) products. The Bengaluru-based fintech startup is looking to increase its portfolio further.
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