Deciml, a fintech startup,seeks for funding to grow

By Team Startupcity  |  Monday, 17 April 2023, 09:12 IST

Deciml, a fintech startup,seeks for funding to grow
Deciml, a platform run by a city-based fintech company that aims to instill investment habits in young people, has hit a turning point in terms of membership growth and is seeking more funding to advance its expansion goals. In June-July, we plan to pursue a new round of investment. The last round was quite strategic, but now we will turn to institutional investors, according to the creator Satyajeet Kunjeer.
In November, the business raised $1 million in its pre-seed round, which was primarily composed of content producers and angel investors. Rounding off user payments received over the Unified Payments Interface (UPI), which are then invested in mutual funds or a lending platform, allows the company to invest on behalf of its users. If a customer buys 28 rupees and chooses the round-up option of 10, 2 rupees will be subtracted. If 50 is chosen as the round-up option, 22 will be subtracted. The default selection is to round up to 10 rupees. Users of the platform can invest as little as 1.
The company has now been operating for 100 days, during which time the money spent on behalf of its consumers has increased from just Rs 9,000 per day when the platform was first launched in November of last year to Rs 8 lakh per day. The company now has plans to increase that figure to Rs 60-70 lakh every day in the following 60-70 days. According to Kunjeer, the platform's scalability is the cause of the increase. Users' bank accounts are connected to the site, and whenever there is a debit, the round-up amount is automatically debited and invested.
The money is invested in mutual funds run by Navi Technologies and the peer-to-peer lending platform Lendbox. The business has an AMFI distributor licence and receives commissions in the region of 1.2 to 2.5 percent. With a growing user base, the business is also considering strategies to encourage users to make larger or longer-term investments.

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