Finmo
 | |
| Founded | 2016 |
|---|---|
| Headquarters | Gurgaon, Haryana, India |
| Area served | India |
| Founder(s) | Chirag Saini, Rishabh Jain, Dipesh Nagpal |
| Key people | Chirag Saini (CEO) Rishabh Jain (COO) Dipesh Nagpal (CTO) |
| Industry | Mobile Payments, Financial Services |
| Parent | Evokio India Pvt. Ltd.[1] |
| Website | www |
Finmo is a digital finance company based in Gurgaon, Haryana. It enables direct bank-to-bank transfers using the UPI (Unified Payments Interface) and allows users to send or request money, using a phone number or a unique virtual ID – VPA (Virtual Payment Address).[2]
Service
Finmo is a free mobile banking app powered by UPI (an advanced version of IMPS), allowing users to use their money freely and securely. With Finmo, users can send or request money to/from anyone using a phone number or a unique virtual ID – VPA (Virtual Payment Address). Users can also use Finmo to pay utility bills or recharge prepaid mobile, DTH, etc.[3]
History
Finmo was founded by two friends, Chirag Saini and Rishabh Jain, both alumni of VIT University, Vellore. They later worked together at Practo. According to Rishabh, the idea for Finmo originated after they had been working hard on their first idea and, while pivoting, Chirag had been reading the book Rich Dad Poor Dad by Robert Kiyosaki. The need to transfer money, settle daily expenses, and monitor finances inspired them to build an application for instant and secure payments, with an expense manager to manage finances, while also including a social component. In June 2016, Dipesh Nagpal joined the company as the CTO. Their original prototype was designed to send money through the IMPS (Immediate Payment Service), but they eventually transitioned from IMPS to UPI.[4]
