The current fundraise also included a $20-million secondary share sale through the employee share buyback programme.
Ashneer Grover has been elevated to Co-founder and Managing Director, while Suhail Sameer has been appointed as the CEO.
The financial services company last month raised Rs 50 crore in debt from Northern Arc Capital, one of the leading digital debt finance platforms. This was the sixth round of debt financing in 2021.
Both Centrum Financial Services Limited and BharatPe, who will be equal partners of the proposed bank, will infuse combined capital of Rs.900 crore in the first year of operation.