mewt, the first-of-its-kind business banking aggregator for MSMEs of Bharat, today announced that it has successfully onboarded 125,000 MSMEs on its platform within a span of just two months (Jan-Feb 2022). mewt simplifies business banking by unifying state-run banks, private banks, and neo-banks under one supercharged account. The company has also asserted its aim to reach 1 million small businesses across India by the end of 2022.
For the country’s 80 million+ SMEs, inconsistent cash flow makes it challenging to cope with payables such as cheques and EMIs, forcing these small business owners to borrow short-term credit from friends and family often. More than 80% of the small and medium-scale businesses surveyed by mewt were found to be writing cheques, increasing their chances of bouncing due to unsteady cash flow. mewt’s super account eliminates these challenges by providing a one-stop-shop banking experience with a compiled view of all bank accounts, the ability to pay in one go from all bank accounts, planning expenses by tracking loans and EMIs, as well as the issuance of unlimited post-dated digital cheques.
The Bengaluru-based company, founded by entrepreneurs Rishabh Jain and Kushal Prakash, has witnessed a transaction volume of $25 million in these two months and is currently adding over 3,000 new MSMEs daily to their platform.
Commenting on the company’s growth, Founder and CEO of mewt, Rishabh Jain, said, “Both my parents run small businesses, so I have been witness to the kind of issues they face and the shortcomings in the financial services at traditional banking institutions. I realized there was a huge gap between the corporate banking offerings and the requirements of the SMEs. Through mewt, small businesses are excited about having a personal banker on their phones at their fingertips. It is extremely encouraging to see the great response we have received from small businesses across the country’s 531 tier-2 and tier-3 cities. We look forward to making business banking a no-brainer for MSMEs of Bharat.”
In 2021, mewt raised over $500,000 seed capital from BEENEXT and a slew of angel investors. Remarking on mewt’s rapid growth, Anirudh Garg, Investor at BEENEXT, added, “Enterprise privilege banking is currently reserved in the country for only large enterprises. With the power of technology, mewt is unlocking the door of high-quality business banking for SMEs who don’t need to be financial experts to use the platform. The company’s growth is a testament to the team’s deep understanding of Indian SME needs and the need for a fintech unifier such as mewt.”
As part of its growth plans, mewt looks to expand its team with new talent who are dedicated to building products for Bharat. In the coming months, the company plans to make its app available in multiple regional languages across the country in order to make it more accessible to small business owners.