Bengaluru, NFAPost: Fello, a game-based savings and investment application for the millennials and Gen-Z of India to save, play and earn returns more than a traditional savings bank account, is gaining traction within two months of its inception.
Founded by Manish Maryada and Shourya Lala claim that Fello is a platform where users can play and win big, just by saving.
“For every investment made through Fello, users earn game tokens which can be redeemed to play fun inhouse games and win amazing rewards and prices,” states the founders.
The idea of Fello is conceived when the founders met with the aspiration of Gen-Z to embrace new technology, products and offerings but at the same time they are pooer in finance and investment.
“We observed an average spend of $3 every month towards paid gaming. Now, paid and fantasy games usually offer a very low chance of earning, and yet, a staggering 1.2B dollars were spent in 2020 alone by such users in India. We conceived Fello on core hypothesis that games will lead a wider Gen-z audience to become more inclined towards better financial profiles,” said the founders.
Just within a short stint of two months, the company launched a fully functional application which attracted over 2000 users, with 75% attained through referrals.
The founders states that of these investing users, 70% have invested for the very first time ever, with a 60% recurring rate.
“We have cracked all licenses to run the business and on route to closing several partnerships for our gaming rewards. Adding on to the in-house finance expertise at Fello, we have CIIE of IIM-A as our fintech advisors, equipping us with the tools to disrupt this next multibillion dollar market in India,” states Manish Maryada.
Manish Maryada, Co-founder and CEO of Fello, is a Finance grad from Texas A&M College Station with over 5 years of experience. He has worked with traditional finance and early-stage fintech startups like HSBC and Koinex, where he was looking after product, strategy and operations and played a key role in scaling the company from x to 10 x.
Shourya Lala, Co-founder and CTO of Fello, is a CS Engineer from Manipal University. Being a full stack and cross-platform developer, Shourya has close to 3 years of experience in building financial tools at BlackRock and has also built several award-winning mobile applications.
Fello is working hard to onboard individuals belonging to the tier-1 and tier-2 cities who are parking their entire savings in a simple traditional savings account.
