The raised funds will be divested towards team expansion and customer acquisition. Fisdom currently has a team of 25 people.
Founded in 2015 by Subramanya S.V., Ramganesh Iyer and Anand Dalmia, Fisdom is an automated investment service provider that manages a personalised online investment account for its customers. It also provides personalised investment recommendations.
Subramanya S.V, founder, Fisdom said, “We want to become a complete personal finance solutions provider, especially for financially non-savvy people who do not have personal wealth advisers. The team is also building technology to provide active management of investments based on algorithms.”
The company currently invests in mutual funds and plans to add other options like bonds etc., in future. It plans to monetise by charging commission from financial services companies and mutual funds. Fisdom is targeting to bring over 5,000 customers on-board by the end of 2016. It also has an Android app and soon plans to launch an iOS app.
Fisdom had earlier raised $500K (INR 3.4 Cr) from angel investors, including Raghunandan G and Aprameya Radhakrishna (Taxiforsure co-founders) and Sumit Jain, (Commonfloor co-founder), in January 2016.
Earlier last week, fintech startup Ziploan secured an undisclosed amount in funding from GrowX Ventures. Prior to that, fintech startup for daily wagers Inmotion received funding from 1mg’s founders Prashant Tandon and Gaurav Agarwal.
The development was reported by ET.