Bueno Finance

Bueno Finance, legally known as Bueno Gig Growth Technologies Pvt Ltd, is a fintech firm established in October 2019 by co-founders Saurav Gandhi and Sandeep Arora. The company focuses on a significant yet often overlooked segment of the Indian economy: the blue-collar workforce. This demographic, representing over 300 million individuals, has historically had limited access to formal credit channels. The founders brought complementary expertise to the venture; Saurav Gandhi holds an MBA in Finance and has experience at American Express, Citi Bank, and PayU, while Sandeep Arora is an IIT Delhi graduate with a background at Capital One, Citi Bank, and Swiggy.

The company operates as a credit-focused neobank, aiming to improve the financial well-being of its target customers by providing a pathway to build creditworthiness. Bueno Finance employs a hybrid B2B and B2C model. It partners directly with employers of gig and blue-collar workers, such as Swiggy, which facilitates customer acquisition and helps mitigate risk. For individual users, it offers an application to apply for instant personal loans and lines of credit. These initial small credit offerings are designed to help new-to-credit (NTC) customers establish a formal credit history. As users demonstrate responsible repayment, they can become eligible for larger loans at more favorable interest rates, typically between 15-18 percent. The service acts as a bridge, connecting customers with RBI-registered Non-Banking Financial Companies (NBFCs) that provide the actual loans.

A key product is a 'Scan Now Pay Later' feature, which functions as a digital credit card built on the UPI payment system. This allows users to make both online and offline transactions via QR codes or to transfer funds directly to their bank accounts as a cash loan. The company's revenue model is based on taking a percentage of the amount disbursed through its platform by helping banking partners acquire new customers. In May 2023, Bueno Finance was acquired by BetterPlace, a prominent platform for blue-collar workforce management, integrating Bueno's lending capabilities into BetterPlace's broader ecosystem. Prior to the acquisition, Bueno Finance had successfully raised approximately $3 million in a seed funding round in June 2021, with participation from Y-Combinator, Goat Capital, JAM Fund, and angel investors like Kunal Shah and Anupam Mittal.

Keywords: financial inclusion, blue-collar workers, fintech India, neobank, credit building, personal loans, gig economy finance, digital lending, new-to-credit, UPI credit, financial services, Saurav Gandhi, Sandeep Arora, BetterPlace acquisition, Y-Combinator startup, microcredit, emerging middle class, loan services, Scan Now Pay Later, employee financial wellness