India will soon be home to a new neobank called Coupl, which is designed specifically for couples, according to a FinTech Futures report Monday (Feb. 7).
The digital bank will allow users to set up joint accounts and manage their money jointly, including savings, expenses and investments. According to the report, Coupl is building banking products for the 200 million millennial couples across the world.
Coupl, which was founded by graduates of the Birla Institute of Technology and Science and Indian Institute of Technology Delhi (BITS-IIT), says it’s gotten financial backing from Entrepreneur First and angel investors from the banking, financial services and insurance sectors.
Company officials say their mission is to create a generation of “financially-empowered couples,” which will come through providing them with the best of banking and technology.
Coupl customers can create savings pots, implement savings rules, add money together and track goals on the app. Additionally, the Coupl card can be used for all shared expenses, per the report.
The Coupl app provides analytics and insights into spending habits, allowing users to set up recurring payments and claim rewards when they spend, the report says. It also includes wealth management tools, which brings investments, loans and insurance together under one financial roof.
Coupl’s integration with banks across India will give users “one view of your shared, growing wealth,” and a virtual assistant can provide insights into spending and saving trends, while creating a personalized budget for couples.
Related: Ex-Google Head’s Neobank INDmoney Raises $75M Series D
Elsewhere on the neobank front, last month, digital bank and wealth management platform INDmoney raised $75 million in a Series D funding round led by Steadview Capital, Tiger Global and Dragoneer.
INDmoney plans to use the new money to develop its offerings to become a super banking platform for families by centralizing financial services for saving, planning and investing. The new funding brings INDmoney’s capital raise to $133 million and puts its valuation at $640 million.
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