Dinero gearing up to launch finance app next month

Hyderabad: Hyderabad-based Dinero AI is building a neobank (financial technology platform) that aims to address challenges the young Indians face in terms of personal finance. The company’s app/platform will be launched in February, this year. The company is partnering with various financial institutions including banks, NBFCs and discount brokers. Last month, Dinero established a strategic agreement […]

Hyderabad: Hyderabad-based Dinero AI is building a neobank (financial technology platform) that aims to address challenges the young Indians face in terms of personal finance. The company’s app/platform will be launched in February, this year.

The company is partnering with various financial institutions including banks, NBFCs and discount brokers. Last month, Dinero established a strategic agreement with India’s only listed discount broker 5Paisa to assist new-age retail investors in investing in alternative low-cost investment products. Users will also be able to open new Demat accounts with 5Paisa to conduct transactions and link their current 5Paisa account to Dinero’s platform.

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Kashyap Mahavadi, founder & CEO, Dinero, told Telangana Today, “In the first version of our product, we would like to help the target group (TG) accomplish any and all of their lifestyle-based goals such as travel, education, gadgets, etc. Users can set their goals on the Dinero app and progress towards. Our app allows users to achieve their goals in two ways – by investing money month on month on our platform, and by using Dinero’s co-branded credit card to fund any gaps.”

He added, “Currently, we are in the pre-launch phase of our product. We will be launching the product next month after which we will start building the customer base. Our target group (TG) is young and urban Indians.”

The company is building a Dinero mobile app to solve customer problems from scratch. The first product is a mix of a credit card and an investment platform.

“We are a technology-first company and built the entire product in-house including complex tech integrations with legacy banking systems and setting up cloud infrastructure. Additionally, we have a strong internal information security management system and are ISO 27001:2013 certified as well. We also allow users to earn Real Gold Coins (DGC) by saving up for their goals or paying back their credit card dues. Essentially by building habits and in return getting rewards,” he explained.

The company has been an active virtual committee member of T-hub, which has helped Dinero to build its ecosystem effectively and collaborate between industry and academia to help understand the challenges young Indians faced when it came to their personal finance.

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