BBVA announced on Friday its backed fintech investment fund Propel Venture Partners took part in the $6.2m Series A funding round of Groww, an India-based investment mobile app. Founded in 2017, Grow uses technology and expert financial knowledge to help make mobile investing simple and rewarding for users. The app’s mission is “make investing simple and accessible to everyone.
“When we started investing more than 10 years back, it took considerable amount of time and effort to get started because of the complexity and the lack of transparency. When we look around today, things haven’t changed at all. Investing is still a very complex thing and a good financial advice is limited to only select few. The stats says it all – in a country of 1.3 billion, there are less than 20 million investors, while people are losing billions of rupees by keeping it idle in the banks.”
Groww offers the following:
- Finding the right portfolio for the user’s needs.
- Personalized assistance to achieve financial goals.
- Customer support to un-complicate the investing process
Speaking about the investment, Greg Thome from Propel, stated:
“Over the past year, consumer fintech in India has been a key focus area for Rohit Bodas, one of our partners at Propel, and me for a number of reasons. Accessing simple financial services products in India has been expensive and confusing historically, recent policy reforms and initiatives have set the stage for an innovation friendly environment and the country’s evolving “demographic story” make it an attractive market for investment.”
Since May of 2018, Propel Venture Partners has notably made a number of investments, including Neon, Trussle, Steady, Charlie, and Grabango.