December 19, 2024: Curie Money, India’s first high yield savings account backed by mutual funds has raised $1.2 million in seed funding. The fresh capital will be used for talent addition, new products, technological infrastructure capabilities, and strategic market penetration, with a primary focus on current account and micro, small, and medium enterprise (MSME) segments.
The startup claims to be India’s first high-yield neo-bank that helps you earn more returns than a traditional bank account by keeping your money invested in fixed income Mutual Funds.
The startup aims to fulfill a potential lacuna in the Indian financial market by serving a unique banking solution that combines mutual fund investments with traditional savings account functionality. By collaborating with YES Bank and ICICI Prudential Mutual Fund, Curie Money provides users the ability to earn higher returns on their idle cash while maintaining instant payment capabilities.
Arindam Ghosh, Co-founder of Curie Money, in a statement said, “We founded Curie to solve a deeply personal challenge—making savings work harder without sacrificing liquidity,”
Curie Money Integrates Mutual Funds with Banking and Payments
“Curie Money is at the forefront of a significant shift in the way people manage their finances. By seamlessly integrating mutual funds with banking and payments, they are empowering users to maximize their financial potential. We are excited to support Arindam, Tushar, and the team as they scale this innovative solution,” Madhukar Sinha, Partner at India Quotient, added.
The startup seed funding was raised from venture capital firm India Quotient, with additional participation from institutional and angel investors in the fintech sector.
The startup earlier secured approval from the National Payments Corporation of India (NPCI) to operate as a third-party application provider to offer UPI services. Users can get up to 7.3% CAGR returns by keeping their savings in ICICI Prudential Liquid Fund, which is significantly higher than traditional savings accounts.
