The Start-up plans to ramp up its technology & diversify its portfolio
Neokred Technologies Pvt Ltd, has recently completed its Seed Round for an undisclosed amount. The round was led by Virenxia Group followed by Nitin Agarwal (Founder of B21 Ltd and PayGlobal Ltd). Capnetic Consulting Group was the sole financial advisor for the fund raise.
Neokred is an infrastructure Neo Bank that empowers Corporates, Fintechs and Start-ups to launch their own banking services with the help of customized tools.
According to Rohith Reji, Co-founder – Neokred Technologies, “With the immense growth Neokred has achieved in the last 6 months, we plan to ramp up our technology offerings and diversify into other products such as Savings, Rewards, Pay Later etc. This would provide fintechs and corporates with a ‘Plug-N-Play’ module to launch their own branded customized versions of the product. “
Neokred creates and adds a layer of technology to traditional bank infrastructure to redefine modern corporate solutions in the field of branded card management, account management, payouts, etc. The start-up has empowered companies across Credit, Expense Management, Student-Neo Banks, Retail Banking, Incentives, and digital accounts.
According to the founders, they plan to grow at least 10x in the next 12 months and become one of the biggest disruptors in BFSI Sector.
According to Satyam Khagen Bose, Chairman and CEO of Virenxia Group, “Virenxia is striving towards creating an impact in Sustainable Agriculture through its 360-degree holistic and systemic solutions, with a renewed approach towards the last mile farmer. The strategic partnership with Neokred will enable Virenxia to provide FinTech Solutions in the Rural Agri Sector”
Virenxia Group is a multi-national organisation headquartered in Singapore (as GI Projects SG) with its presence in India and the Middle East. They provide innovative, reliable and integrated sustainable solutions for businesses, governments and organisations.
“Neokred is doing some amazing work in the payment industry. Both Rohith and Tarun, bring dedication as well as a fresh perspective to this space. I am very excited at the vision they have and how they can shape the nature of payments in India and even extend it to outside India.” – Nitin Agarwal
Neokred’s CEO Tarun Nazare indicated that they are planning to disrupt a couple of niches in India which have remained unchanged over the last few decades and will look at raising another round in 2021 to fuel their plans.