Dvara SmartGold Raises $2 Million In Pre Series A

The funds will be used to expand pan India footprint for micro-savings and introduce various products with gold as the fulcrum

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Dvara SmartGold, a micro-savings fintech, has raised $2 million in a pre-Series A round.

Set up in 2019, Dvara SmartGold's vision is to allow customers to save in a familiar asset class. It helps households create a financial safety net seamlessly and digitally. Customers have the option to utilize their savings at any time, during times of an emergency or fulfill a short-or long-term life goal at their convenience. The vision is to build a full stack financial services offering, anchored around gold as an asset class, said a statement.

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"We are delighted and looking forward to receiving deeper insights from the leadership team at Axilor to enhance our product offering and create new pathways of growth for customers. Dvara SmartGold currently has in excess of 70,000 customers and the capital raised will be used to expand pan India footprint for micro-savings and introducing various products with gold as the fulcrum. As part of Dvara's larger financial inclusion mission we aim to provide each underserved household in the country, access to relevant financial services that will help in giving them financial independence and respect in society," said Jaydeep Banerjee, interim CEO of Dvara SmartGold.

Dvara SmartGold is a portfolio company of Dvara Holdings (formerly Dvara Trust) and part of the Dvara Venture Studio cohort that supports entrepreneurs working towards large-scale systemic change in financial inclusion. Dvara Holdings has been pioneering initiatives that have impacted the financial lives of millions of low-income households in India, through policy research and investing in/supporting commercial efforts where there is a significant market gap, added the statement.