Bon, the FinTech platform that facilitates digital credit for flexible workers, today announced that it has raised INR 7.8 Crore ($1.1 million USD) in a seed round led by Omidyar Network. Other funders included Axilor and Better Capital’s AngelList India Syndicate.
Smita Aggarwal, investments director at Omidyar Network said: “As the next half billion Indians come online in the coming years, creating growth opportunities for digital businesses and flexible jobs, we expect a huge pool of gig workers to be left behind by traditional financial services providers.
Bon is addressing the acute need of liquidity by this growing segment of people with an offering that has the flexibility of a credit card coupled with a convenient expense management app. By controlling the entire stack, from customer acquisition to repayment facilitation, Bon is helping gig workers to build resilience while nudging them to better financial behaviours.”
Read the full press release here.