Multi-bank mobile banking app Chillr has raised $6 million in a Series A round of funding from Sequoia Capital. According to the platform, the funding round is not complete yet, and other investors will be investing in the coming weeks. Chillr will use the funding to grow its business. Launched earlier this year, Chillr currently lets HDFC Bank and Bank of Baroda customers send and receive money, while customers of other major banks can only receive money. According to the startup, the platform eliminates the need for an OTP or remember the account number and passwords. The app also claims to allow users to send money to others near them, without knowing their phone number. As for the charges, Chillr claims it does not charge end-customers or banks for transactions, however individual banks are free to levy transaction charges on customers, which usually range around Rs 3-5 when applicable. According to the company it requests banks to keep transactions free of cost to promote digital transactions. The app also allows users to recharge mobiles, data cards or DTH accounts directly through their savings accounts. All transactions are authenticated through a 4-digit MPIN issued by the bank, similar to PIN numbers that come with debit/credit cards, to avoid fraud. Users do not need to load up their account with money, rather the app will deduct it directly from the user’s savings account. The app is currently available on Android, iOS and Windows. Chillr, which tied up with HDFC Bank to offer…
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