Driven by exceptional returns and rewards, Fello has successfully onboarded over 1M users and further projects to onboard over 2 M users by June 2024
FinTech BizNews Service
Mumbai, March 1, 2024: Fello - India’s first rewarding savings platform has recently launched Fello 2.0 to become India's Largest Rewarding Savings App. The All New Fello will allow users to save in new assets such as Tax Saving Mutual Funds and Fixed Deposits in addition to Digital Gold and P2P and will offer better returns and bigger rewards.
Embarking on a mission to redefine the conventional savings approach with Prize-Linked Savings (PLS), the All-New Fello endeavours to write a new narrative of financial empowerment amongst the Indian populace. The platform introduces tax-saving Mutual funds, Gold Pro with returns up to 15.5%, P2P with a 12% yield, and exciting rewards for Fello savers like weekly iPhones, Thar, and the chance to win up to Rs. 1 crore in digital gold, providing a comprehensive approach to redefining financial strategies.
Manish Maryada, CEO & co-founder of Fello, commented, “Our new launch marks a significant milestone in our journey to become India’s largest rewarding savings app. We’re excited to introduce new assets to our offering, representing our dedication to reach out to and cater to the needs of a larger chunk of Indian savers. By fusing savings with an element of rewards, the All-New Fello is designed to cater to the changing savings behaviour of our audience. We hope to continue to revolutionise the financial habits of people and improve the savings experience.”
Since its inception in 2022, Fello has heralded an innovative model rooted in growth and rewards, incentivizing Indian savers to build healthy financial habits. Being a leader in offering the Indian populace an integration of savings and rewards, Fello has been able to carve a distinctive niche in the financial ecosystem backed by a robust digital infrastructure. This relaunch is a testament to its commitment to enhancing customer experience by transforming its offerings.
With its innovation, Fello has partnered with Augmont, a leading gold retailer in the country, to offer an innovative take on conventional gold investments. With the augment of Gold Pro, users will be able to lease their gold and earn lucrative interest of up to 15.5% delivering an unparalleled opportunity for Indian consumers to diversify their investment portfolio. Moving beyond traditional savings instruments, the platform’s recent collaboration with Lendbox, an RBI-registered NBFC entity presents a unique opportunity to investors in the P2P lending space. With an increased focus on investor satisfaction, this collaboration will enable investors to acquire up to 12% returns.
As the fiscal year is about to end, taxpayers are scrambling to make moves to optimise income tax savings. To offer savers an opportunity to save taxes on Fello, the platform has also announced the launch of ELSS mutual funds for smart last-minute tax hacks by the end of this month.
Adding an extra layer to its lucrative financial options, Fello sweetens the competitive returns with rewards, which users can win by accumulating tickets on the platform by performing saving related actions. Driven by its unique concept and exceptional returns on investment, the platform has successfully onboarded over 1M users and is looking forward to onboarding over 2Mn users by June 2024.
Backed by its exponential growth, Fello has attracted a substantial $5Mn in funding from global investors, with Courtside Ventures leading the way. The latest injection of funds, a substantial $4 million in early 2023 from notable investors including Entrepreneur First, Y Combinator, and others, further highlights Fello's potential to revolutionize the financial landscape.
Following the launch of All New Fello, the platform will continue to evolve and expand its user base. The platform is poised to set new benchmarks in the financial technology landscape, providing a compelling model for the intersection of savings and rewards.
