Neobank Muvin raises $3-M led by WaterBridge Ventures

Bengaluru-based Muvin, a neobank for Gen Z, has raised $3 million in debt and equity in a round led by WaterBridge Ventures. Venture debt fund Alteria Capital and Krishna Bhupal, cofounder of Rational Pricing Technologies also participated in the round. While INR 20 crore was invested as equity, INR 3.5 crore was raised as debt. The company would use the fresh funds for product development and to more than double its team size from the existing 25 in the next 12 months. Muvin caters to both teens and young adults through its prepaid card and mobile app. It currently has over 50,000 registered users and aims to grow to one million customers in the next 12 months.