SME Neobank ZikZuk is looking to raise $5 million in series A round funding
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SME Neobank ZikZuk is eyeing to raise $5 million in series A round funding. The company - a leading FinTech firm, is in talks with investors to raise significant capital to further develop products and services for the SME ecosystem, said a top executive from the company. The NeoBanking platform has created a firm presence in the challenger banking space ever since its entrance. Although the NeoBanking sector has broadened in the country in the past few years with new open banks emerging on the surface every other day, ZikZuk has created a dent in the market with its unique product offerings, catering specifically to the SME sector of the country.
The company has already reached a customer base of more than 5,000 clients within the span of just a few months. Besides, ZikZuk is also expected to onboard 500 more such SMEs by the next quarter. Additionally, the company also claims to have disbursed 250 loans under a very contained environment and is willing to expand its credit business after their initial trial and errors in the lending space. 

Commenting on the funding, Mr. Raj N., the founder of ZikZuk, stated, “We are eyeing for spends worth INR 250 cr through the FoundersCard - South Asia’s First Business Infinite Credit Card. We believe that the company will be reaching millions in the upcoming years due to our expected phenomenal growth. Moreover, ZikZuk will be catering to more than 1 lakh SMEs within the coming few years and we anticipate to go beyond that in the future.”

This new open banking firm sounds promising in every aspect with their innovative products and services. These products were designed keeping in mind the pain points of the small business owners, said Mr. Raj. SMEs and Startups of the present day face immense difficulties in managing their cash flows. The reason being simple, they use too many payment instruments and hence are not being able to keep a track of their expenses. Mr. Raj averred that they were quick enough to realize this and decided to come up with a one stop solution for their multiple cash systems. This gave rise to ZikZuk - a single platform where all the expenses and disbursements of cash could be seamlessly tracked and handled by the Founders and Owners of the businesses. Their two interconnected products viz, Business Finance Manager (BFM) and FoundersCard have been helping business owners to stay at the top of their cash flows and manage the latter effortlessly. 

SMEs have been suffering immensely as the banking and accounting system are not interconnected. And ZikZuk has successfully solved this issue by connecting the banking and accounting system of the users thereby helping them with their account payables, receivables, spend managements and their expenses, stated Mr. Raj. Besides, the integration of AI/ML in the platform provides data analysis and prediction to the entrepreneurs enabling them to vet their most prospective customers thereby helping them to proliferate their business. ZikZuk helps to mirror the minds of the SMEs, meaning the system is capable enough to reflect the profit and loss that the business is likely to undergo from its existing customers.  

Emerging under the aegis of Zaggle has given a head start to ZikZuk. The former has a strong hold in the FinTech realm with almost a decade’s experience in working with SMEs and Startups. That being said, working closely with SMEs and the startup ecosystem drew their attention towards the challenges that they face in aggregating their cash flow management and develop an innovative solution. Zaggle which has been funded by Ventureast and Agronaut Ventures has bolstered the entrance of ZikZuk into the NeoBanking space. 

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