The new funds will be used to strengthen Curie Money’s core team, enhance product development, evolve its technology infrastructure and establish strategic partnerships to accelerate growth, particularly in the current account and micro, small and medium-sized enterprises (MSMEs).
Founded by Arindam Ghosh and Tushar Choudhary, Money Curie is high efficiency, banking application backed by mutual funds which integrates investments with payments. The platform allows users to invest in mutual funds while providing instant liquidity through a savings account.
Speaking to ET, Ghosh said the company aims to fill a key gap in personal finance in India by ensuring that users’ funds remain accessible while offering higher returns than traditional savings accounts.
To offer this solution, Curie Money has partnered with Yes Bank to provide savings accounts with no minimum balance and ICICI Prudential Mutual Fund to offer fixed income mutual funds. Additionally, the startup recently received approval from the National Payments Corporation of India (NPCI) to operate as a third-party app provider, allowing users to transact with the Unified Payments Interface (UPI) via the Curie Money app.
Users can get returns of up to 7.3 per cent compound annual growth rate (CAGR) by keeping their savings in the ICICI Prudential Liquid Fund, significantly higher than the returns offered by traditional savings accounts, Ghosh added .
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“This financing demonstrates the market’s need for an integrated solution that combines the high returns of mutual funds with the convenience of banking. With the support of India Quotient and our investors, we are well-positioned to redefine personal finance and expand our reach,” he said. The platform, which went live with around 1,000 beta users two weeks ago, is currently only accessible via invite codes.
“Curie Money is at the forefront of a significant change in the way people manage their finances. By seamlessly integrating mutual funds with banking and payments, they enable users to maximize their financial potential,” said Madhukar Sinha, Partner at India Quotient.