- Fello brings you a unique way to save and invest minus the 'boring' financial lessons but instead through fun and exciting games!
- Angel investors, CRED founder Kunal Shah, Groww’s Lalit Keshre, and others were also among those who participated in the recent funding round.
- Fello launched its upgraded version Fello 2.0, offering better returns and bigger rewards
In today's technology-led world, the use of mobile applications has become indispensable. What was initially a device used for communication and occasionally entertainment has now found itself in the world of personal finance.
Say Hello to Fello
Fello, short for ‘Hello to Finance’, is India’s first game-based savings app, was founded in 2021 by Manish Maryada and Shourya Lala.
Originally, Manish and Shourya decided that building a robo-advisory would drive tech-savvy millennials and GenZ to be more interested in saving and investing smartly. However, with the growing fintech scenario consisting of many competitors they decide to explore the market for other options.
Through their exploration and insights gained, Fello was launched, with the mission to change how people interacted with financial products and wrapped it with the gaming world.
The platform is designed to help its users save and grow their money while also earning rewards weekly. It is a fusion of traditional saving and modern gaming elements.
Operating Fello
Fello operates on a simple yet clever concept: save to earn. Upon signing up, the user gets 100 free Fello tokens which they can use to play games. Once that runs out, the users are compelled to explore the app which will lead them to investment and savings products like digital gold.
These tickets are used to play games within the app and win rewards. For every investment, the user gets one token. With every weekly ticket, the door opens to even more rewards.
Other ways that Fell0 rewards and incentives its users are through:
- Fello Scratch Cards - Earned when users achieve milestones, refer friends, or win weekly rewards.
- Fello Flo - An exclusive investment opportunity, which is a P2P asset provided by Lendbox. Users can enjoy returns of up to 12% per annum.
- Gold Pro - Having partnered with Augmont, Fello users can invest in digital gold. This allows users to securely lease their gold and earn up to 15.5% in interest.
In 2023, Fello raised $ 4 million in a fresh funding round led by US-based Courtside Ventures, along with Entrepreneur First, Ycombinator, Kube Venture, and Upsparks.
This funding round comes after they raised $1 million in seed funding in November 2021.
Looking Ahead
2024 saw a reinforcement in the team with the hiring of a new Marketing Head, Snigdha Sunil along with Vamshi Krishna and Bhargav Prasad as Head of Engineering and Business Operations Lead respectively; to oversee the technical backbone and smooth operations.
But the biggest news is the launch of Fello 2.0 in February. This upgraded version allows users to save in new assets like tax-saving mutual funds and fixed deposits in addition to digital gold and P2P, offering better returns and bigger rewards.
Fello amassed 1 million users so far and plans to onboard over 2 million users by June 2024.
Hoping to turn the startup into a neobank by 2025, to build credit and investment habits along with saving habits,Fello doesn't seem to be pumping the breaks anytime soon.
Edited By Annette George
