Amica emerges as latest challenger in Indian banking market
The Indian challenger bank market has a new entrant, after Amica Financial Technologies confirmed a seed funding round.
The bank, which aims to provide savings, investments and lending to millennials, has a partnership with an as-yet unnamed private bank.
Amica’s founder, Jitendra Gupta, confirmed to the Economic Times of India that the bank had raised $24 million in seed funding. The venture has backing from a list of investors including Greyhound Capital, Rocket Internet and Sequoia Capital.
Gupta co-founded Citrus Pay, which was acquired by PayU for $130 million in 2016.
It’s unclear whether the new bank plans to apply for its own licence, though it is expected that the bank will launch in February or March 2020.