The wealth management platform Fisdom has raised $7 Mn in a fresh funding round led by payment gateway PayU. Quona Capital and Saama Capital also participated in this round.
The company plans to use the funding for product development and customer acquisition, along with other acquisition opportunities as well. “The latest investment will allow us to innovate and provide a holistic experience to our customers across investments, savings, and protection,” cofounder and CEO Subramanya SV said.
The funding will help deepen Fisdom’s engagement with partners such as leading banks and digital financial services platforms. Commenting on the same, PayU India’s CEO Anirban Mukherjee, said that the funding will fuel the company’s growth in the wealthtech segment and further expand its product portfolio.
Fisdom has raised about $23 Mn till date. This is PayU’s second investment in the company. Last year, the international payments business led an $11 Mn round in Fisdom to mark its entry into India’s wealth management segment. PayU’s Indian portfolio includes fintech companies such as LazyPay, ZestMoney and CitrusPay.
Founded in 2015 by former venture capitalist Subramanya SV, ex-investment banker Anand Dalmia and Ramganesh Iyer, Fisdom is a wealth management company that assists users to make financial and investment decisions for long-term planning. Besides advising, the platform also allows users to register, transact and track the performance of their investment funds.
During the pandemic, the company claims to have noted more than 80% growth with new partners like Google Pay and SBM Bank coming on board. Fisdom has also onboarded more than 150 employees virtually across engineering, sales, and operations in the last six months.
According to a report by Deloitte India, the Indian wealth management network was all set to boom by the end of 2020. Around 21 paise out of every rupee invested in mutual funds will likely be invested through online portals, the report had highlighted. But the overall impact Covid-19 has had on this sediment is yet to be accessed.
Some of the startups working in this segment include Mumbai-based Cube Wealth, Gurugram-based INDWealth, Bengaluru-based Groww, Wealthy and Kuvera, among others.