Mewt Raise $4.6 Million In Seed Capital
The company will use the fund to expand its team and launch its super-card, along with empowering a million small businesses in India by the end of 2022
A banking super-app for micro, small and medium enterprises of India, mewt, has raised $4.6 million in a Seed funding round, led by global fintech investor Quona Capital. The round also witnessed participation from existing investors BEENEXT, DG Daiwa Ventures, Goodwater Capital, Allin Capital and some fintech angels. The company will use the fund to expand its team and launch its super-card, along with empowering a million small businesses in India by the end of 2022.
"mewt have impressed us from day one with their mission to make business banking easier for MSMEs who have traditionally had to juggle multiple interfaces to deal with their finances. In this digital age, we are looking forward to what MSMEs can do with a super-charged platform like mewt," said Varun Malhotra, partner, Quona Capital.
"With this funding, we are all set to grow our team to unlock the next level of growth, as well as elevate the banking experience for millions of small businesses in India. mewt is on its way to redefining merchant QR payments in India. We are also working towards making our application accessible in multiple regional languages for ease of access," said Rishabh Jain, co-founder and CEO, mewt.
In 2021, mewt raised around $600000 Seed Capital from BEENEXT and some angel investors. In March, the company hit the milestone of 1 million transactions and a $25 million monthly transaction volume in just 2 months after its launch, claimed by the company in a statement.
"We are inspired by the team's passion to solve fundamental problems for the MSMEs and their rich understanding of the segment. We are glad to have partnered with mewt since its early days and looking forward its next leg of growth," said Anirudh Garg, investor, BEENEXT.
Founded by Rishabh Jain and Kushal Prakash, mewt offers an alternative business banking solution to cash-strapped MSMEs making their amount receivables easier on super QR, super-fast transfers to make large payments at light speed and unify bank accounts offered by state-run banks, private banks and neo-banks under one super-account.