The fintech space in India has been abuzz with activity, but barely any fintech startups have touched the underserved student market. Aiming to change this, NuCash, an early-stage full-stack digital fintech startup offering seamless banking solutions to students, today announced that its founder is investing $2 million to accelerate growth and reach 42 mn students in the next 12-18 months, according to a press release.
NuCash is a super-app that covers everything from banking, lending and payments to insurance, investments and savings. Some of the features include zero-balance for accounts, one-tap access for financial support and human-only customer care managers.
NuCash was founded by Ashit Joshi, a former Vice President of Engineering at Chegg, a listed American ed-tech company. Joshi also wears the hat of CEO at the startup. While there are many solutions out there aimed at millennials and Gen-Z, Ashit feels that there's a lack of a differentiated offering for students.
Ashit Joshi, CEO and Founder, NuCash, said, "Our research shows that over 92 million Gen-Z youth struggles with savings, investments and accessing loans. NuCash aims to help Gen-Z blitzscale their dreams by giving them access to the right tools and resources to manage their resources - all of it fully digital and mobile-first."
NuCash's motto is to simplify and curate the complex world of finance into bite-sized pieces, making it palatable for Gen-Z's short attention span.
Ashit said, "The pandemic has added 10 million new retail investors into the stock market in India. That is just one small indication of the burgeoning potential the Indian market has. Gen-Z is eager to tap into opportunities like these and become financially independent ASAP, and we're here to make that happen."
"Early financial independence can help super-charge the Indian economy, and put Indian youth firmly on the global map," he added.
With this initial kick-off round of funding, the company aims to target 42 million students in the next 12-18 months. The money will also be used to build a world-class team capable of building robust tech infrastructure. With a high-speed trajectory in mind, NuCash aims to become the market leader in fintech apps for students in the next year itself, as per release.
The company already has team members from around the world with experience building software solutions for a global market that includes but is not limited to the USA, Europe and India. Founder and CEO Ashit Joshi himself has held multiple technology roles in the past. He has served as the Chief Technology and Product Officer at Rocket Lawyer and was the founding CTO (Chief Technology Officer) of a fintech startup, Altruist.
The NuCash app will soon be available to download through the company website, Google Play Store and the Apple App Store, as per release.
