Fello, a rewarding savings platform, has launched Fello 2.0, which allows users to save in new assets like tax saving mutual funds and fixed deposits in addition to digital gold and P2P, which could offer better returns and bigger rewards.
The fintech wants to redefine the conventional savings approach with Prize-Linked Savings (PLS) to write a new narrative of financial empowerment amongst Indians.
The Fello 2.0 platform introduces tax-saving Mutual funds, Gold Pro with returns up to 15.5 per cent, P2P with a 12 per cent yield, and rewards for Fello savers like weekly iPhones, Thar car, or the chance to win up to Rs. 1 crore in digital gold.
As the fiscal year is about to end, taxpayers are scrambling to make moves to optimise income tax savings. To offer savers an opportunity to save taxes on Fello, the platform has also announced the launch of ELSS mutual funds for smart last-minute tax hacks by the end of this month.
Adding an extra layer to its financial options, Fello sweetens the competitive returns with rewards, which users can win by accumulating tickets on the platform by performing saving related actions. Driven by its concept and exceptional returns on investment, the platform has successfully onboarded over 1 million users and is looking forward to onboarding over 2 million users by June 2024.
Manish Maryada, CEO and co-founder of Fello, said, “Our new launch marks a significant milestone in our journey to become India’s largest rewarding savings app. We’re excited to introduce new assets to our offering, representing our dedication to reach out to and cater to the needs of a larger chunk of Indian savers. By fusing savings with an element of rewards, the All-New Fello is designed to cater to the changing savings behaviour of our audience.”
Since its inception in 2022, Fello has attracted $5 million in funding from global investors including Courtside Ventures. The latest injection of funds, $4 million in early 2023, came from investors including Entrepreneur First and Y Combinator.
Fello has partnered with gold retailer Augmont to offer an innovative take on conventional gold investments. With Gold Pro, users can lease their gold and earn up to 15.5 per cent interest so that Indian consumers can diversify their investment portfolio.
The platform recently collaborated with RBI-registered NBFC Lendbox to offer investors the opportunity to invest in the P2P lending space and acquire up to 12% returns.
