10/07/2022
E- crunch write up: Mewt, an Indian banking app for micro, small, and medium-sized enterprises (MSMEs), announced a $4.6 million (Rs 35.8 crore) seed funding round led by global fintech investor Quona Capital. This funding round was led by Beenext, DG Daiwa Ventures, Goodwater Capital, Allin Capital, and a group of fintech angel investors. According to the company sources, the Bengaluru-based startup, Mewt Account Pvt. Ltd, will use the new funding to expand its team and launch a reward-based debit card for Indian MSMEs.
Mewt, founded last year by BITS Pilani alumni Rishabh Jain and Kushal Prakash, helps MSMEs simplify business banking by combining accounts from state-run banks, private banks, and neo banks into a single super account. It enables businesses to make quick transfers and accept payments without any delays using a proprietary QR code. Mewt is on its way to redefining merchant QR payments in India in the same way that Square has done for point-of-sale terminals in the United States. The startup is also working to make its app available in multiple regional languages. According to the declaration, the startup has reached over 200,000 small businesses across more than 600 tier-II and tier-III cities in the country in just four months since January.
The massive volume of MSMEs clamouring for this service demonstrates how complex cash management has become for MSMEs in this digital age. Therefore, Mewt is on its way to achieving product-market fit for its product, as evidenced by usage and customer metrics."
