Hubble, a fintech company developing a decentralized savings platform, received US$3.4 million in seed funding from Sequoia Capital India.
Angel investors such as Kunal Bahl and Sateesh Andra were among those who participated in the round.
The funds will be used to construct a robust decentralized savings infrastructure to support the company’s consumer-facing services and to onboard leading Indian and worldwide brands and employ staff.
What the founders have to say:
Mayank Bishnoi, Hubble’s co-founder:
“More than 95% of Indians rely on their money to achieve their objectives, yet the possibilities for saving are restricted and come with their own set of obstacles. At Hubble, we provide consumers with the option of saving money with reputable brands while also ensuring predictable and safe returns,”.
Neeraj Tulsyan, co-founder of Hubble:
“This invention is a game-changer not just for consumers but also for lifestyle companies; by engaging directly with customers, they can minimize their working capital demand and make their products more accessible to a broader consumer base.
We are honored by our investors’ faith in us, and we are excited to establish a worldwide firm in India. We will invest in establishing systems that leverage current technologies and frameworks such as UPI, open banking, account aggregator, and others in the following months. We are delighted to have a highly motivated and skilled staff join us in our objective” the company.”
About Hubble:
Hubble seeks to help Indian consumers achieve their lifestyle goals by making them more affordable.
“Brands can give this because they receive consumers throughout the planning stage and an upfront payment that decreases working capital,” according to the business.
Consumers can enroll in savings plans for as little as $500 per month. Banks and mutual funds, on the other hand, reward them with five times bigger returns than brands.
It has a waitlist of over two lakh subscribers and has worked with over 25 brands just weeks after its start. Millennials and Gen Z make up the majority of these users.
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