Fello set its sights on the future, aiming to onboard over 2 million users by June 2024.
In the dynamic realm of finance, Manish Maryada embarked on a groundbreaking mission to redefine traditional approaches to saving and investing. Introducing Fello, an innovative application that stands for 'Hello to Finance,' that has rapidly become India's premier rewarding savings platform. Fello's phenomenal growth has garnered widespread attention and admiration, thanks to its unique concept and the promise of exceptional returns on investment. To date, Fello has attracted a substantial $5 million in funding from global investors, with Courtside Ventures leading the way. The latest injection of funds, a substantial $4 million in early 2023, further underscores the confidence in Fello's potential to revolutionize the financial landscape. Notable contributors to this round include renowned entities such as Entrepreneur First, Y Combinator, and other influential individuals.
Fello presents an enticing opportunity for savers, with returns significantly surpassing those offered by traditional savings avenues. Users can enjoy impressive interest rates, reaching up to 15.5% on Gold Pro and up to 12% on Fello P2P. In a strategic collaboration with Augmont, a leading gold retailer in India, Fello introduces Gold Pro – an innovative gold leasing scheme available through the Fello app. This secure platform allows users to lease their gold and earn lucrative interest of up to 15.5%. Moreover, Fello adds an extra layer of rewards, where diligent savers accumulate tickets towards substantial weekly rewards as they increase their savings. In the realm of P2P lending, Fello has joined forces with Lendbox, a platform designed with a focus on investor satisfaction. Lendbox, having acquired its NBFC-P2P license from the RBI in 2018, has been a pioneer in navigating the unregulated space, providing investors with stable, high-quality, and consistent returns. This collaboration reflects Fello's commitment to innovation and financial empowerment.
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At the core of Fello's offerings lie two distinct financial products, each shaping its narrative of financial opportunity. Fello P2P, in collaboration with LendBox, an RBI-registered NBFC entity, offers users a unique peer-to-peer investment asset. Investors can navigate the waves of financial growth with confidence, as this collaboration promises up to 12% returns. This initiative provides a dynamic and rewarding experience for those seeking diverse investment avenues. Simultaneously, the Digital Gold Pro feature, forged through a strategic partnership with Augmont, India's largest gold retailer, presents a robust path to prosperity. Fello users securely lease their gold through the app, unlocking a golden opportunity to earn an enticing interest rate of up to 15.5%. These innovative offerings not only redefine investment opportunities but also underscore Fello's commitment to providing users with a range of lucrative financial options.
Mr. Manish Maryada, Co-founder, and CEO of Fello, shared, "Our goal was to create an app that incentivizes young India to save their money more effectively. Enough platforms are rewarding their users to SPEND money. We reward users for saving! Fello's platform actively encourages users to save, grow their money, and earn returns surpassing traditional savings accounts. Recognizing the increasing impact of Prize Linked Savings, we aimed to attract a new audience to financial activities, fostering positive changes in the financial habits of millennials in India. Our primary challenge was to infuse a sense of fun, simplicity, and reward into finance for our target audience. To address this, we developed our app with a prize-linked savings approach, offering a reward and savings experience that makes learning about finance enjoyable and accessible for our users."
As the journey continued, Fello set its sights on the future, aiming to onboard over 2 million users by June 2024. The raised funds from the recent round would fuel the development of more gamified financial products, attract top-notch talent, and expand the Fello community in Tier-1 and Tier-2 cities of India. And so, the story of Fello unfolded, a tale of innovation, growth, and a commitment to rewriting the narrative of finance. As users joined this financial adventure, they weren't just saving; they were part of a movement that heralded a new era of financial empowerment and excitement. The long-term vision for Fello is to make banking fun and rewarding for young Indians, and we hope to launch a suite of Banking products right from saving, payments, credit, insurance, etc. in a gamified rewarding experience that will make banking easy, fun, and rewarding for the target audience. The first step to achieve this was through launching the Fello savings first app through which Fello is aiming to make savings fun and rewarding which will set the path for the startup's long-term goal!
Since its launch in October 2022, Fello has experienced remarkable success, attracting and onboarding an impressive 1 million users within a relatively short span. The platform's unique approach to savings has proven highly appealing, with users witnessing a substantial 15.5% growth in their savings, a testament to Fello's commitment to financial well-being. Notably, savers on the platform have collectively earned rewards exceeding Rs.50 lakhs, underscoring Fello's effectiveness in incentivizing and encouraging responsible financial habits. Looking ahead, the ambitious goal of onboarding over 2 million users by June 2024 signals Fello's determination to solidify its position as the foremost rewarding savings application in the market. As the platform continues to evolve and expand its user base, Fello is poised to set new benchmarks in the realm of financial technology, providing a compelling model for the intersection of savings and rewards.
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