Banking app focused on the micro, small and medium enterprises (MSMEs) mewt, raised $4.6 million in seed funding led by Quona Capital where BEENEXT, DG Daiwa Ventures, Goodwater Capital and Allin Capital also participated.
MSMEs can benefit from mewt's alternative business banking solutions. The funds will be used to hire talent in product development and engineering, as well as to launch a debit card for MSMEs. In March, the app processed 1 million transactions and served over 200K small businesses in 600 Indian cities. The startup said in a statement that it hopes to reach 1 million users by the end of this year.