Dinero gearing up to launch finance app next month

Hyderabad: Dinero AI, based in Hyderabad, is building a neobank (fintech platform) that aims to address the challenges young Indians face in terms of personal finance. The company’s app/platform will be launched in February this year.

The company partners with various financial institutions including banks, NBFCs and discount brokers. Last month, Dinero entered into a strategic agreement with India’s only publicly listed discount broker, 5Paisa, to help new-era retail investors invest in low-cost alternative investment products. Users will also be able to open new Demat accounts with 5Paisa to transact and link their current 5Paisa account to Dinero’s platform.

Kashyap Mahavadi, Founder and CEO of Dinero, told Telangana Today, “In the first version of our product, we want to help the target group (TG) achieve all their lifestyle goals such as travel, education, gadgets, etc. Users can set their goals on the Dinero app and progress towards them. Our app allows users to achieve their goals in two ways: by investing money month after month on our platform. -form and using Dinero’s co-branded credit card to fill in the gaps.”

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He added: “Currently, we are in the pre-launch phase of our product. We will launch the product next month, after which we will start building the customer base. Our target group (TG) is young urban Indians.

The company is developing a Dinero mobile application to solve customer problems from scratch. The first product is a mix of a credit card and an investment platform.

“We are a technology-driven company and built the entire product in-house, including complex technology integrations with legacy banking systems and setting up cloud infrastructure. Additionally, we have a strong internal information security management system and are also ISO 27001:2013 certified. We also allow users to earn Real Gold Coins (DGC) by saving for their goals or paying off their credit card dues. Basically by creating habits and in return getting rewards,” he explained.

The company has been an active member of the T-hub Virtual Board, which has helped Dinero effectively build its ecosystem and collaborate across industry and academia to help understand the challenges young Indians face in relates to their personal finances.

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