Yelo raises seed funding

Digital only mobile-first neobank Yelo has raised an undisclosed amount in seed funding from Matrix Partners India, Omidyar Network India and Flourish, with participation from existing investor Better Capital. Yelo will use the money to build a local language-based experience and to expand the current team to 100 in the next 12-18 months.

Yelo provides a custom-made suite of financial products to satisfy daily needs such as remittance, healthcare, education, e-commerce and cash flow management.

Yelo will offer an array of products and services aimed at improving financial outcomes for the next half billion. The idea is to personalise offerings to customers, including manufacturing and construction workers, security guards, truck guards, farmers, and gig economy workers, with services ranging from banking and payments to credit and insurance.