Led by Abdul Khaliq and Rais Motlekar, BranchX, an AI-powered Indic neobank, has raised $900,000 in a bridge funding round. Afzal Modak, an existing angel investor in BranchX, also contributed to this bridge round.
The funds will be utilized to further the development of Xenie, a Gen AI voice assistant solution that includes retail connect, loyalty programs, and rewards system, as well as to accelerate BranchX’s expansion plans and support product enhancement.
Founded in 2020 by Rajesh Johnny and Sajid Jamal, BranchX aims to promote financial wellness in Bharat by offering a comprehensive financial utility solution to millions of people living in towns and semi-urban areas via Raja Rani cards.
In the first half of the current financial year, BranchX claims to have already gathered over 30,000 wallet users, a network of 3,000 agents, and over $20 million in transactions.
The startup’s seed round last year brought in $2.3 million.
