The round also saw participation from Quona Capital, Saama Capital
Mumbai: Fisdom, India’s leading wealthtech company has raised $ 7 million in a new round of funding. The funding round was led by PayU with participation from existing investors Quona Capital and Saama Capital.
The fresh funding will be deployed towards new product development and customer acquisition. The company will also look at acquisition opportunities that would add to its product portfolio.
Fisdom provides a holistic platform for investing in multiple products including mutual funds, insurance, pension funds, digital gold etc. and help the customers make informed investment decisions for every goal of their life.
In these volatile times, the move is a testimony of investors’ belief in the management team of Fisdom, its vision and its ability to build a sustainable wealth-tech business in the long term.
During the pandemic, Fisdom has seen more than 80% growth in its AUM, demonstrating the trust customer place in the company for their investments. At the same time, the company has continued to sign several new partners such as Indian Bank, Google Pay and SBM Bank.
Fisdom has also expanded its existing team and has on-boarded more than 150 employees virtually during the last 6 months across engineering, sales and operations; including some key hiring done during the last year. The company continues to invest in technology, innovation and expanding the product offering to amplify the investing experience for its customers.
Speaking on the investment, Fisdom SV, Co-Founder & CEO Subramanya said the company is happy that its investors continue to reaffirm their confidence in our strategy of B2C product and B2B2C distribution in partnership with banks and financial institutions.
“The latest investment will allow us to innovate and provide a holistic experience to our customers across investments, savings and protection. We are also looking to deepen our engagement with our partners which includes several leading banks and digital platforms,” said Subramanya.
PayU India CEO Anirban Mukherjee said Fisdom has grown into a leading digital wealth management platform and has created a demand for its services in the market.
“We are very excited to continue to back Fisdom to help fuel its continued growth in the wealthtech segment and further expand its product portfolio. As a leading, fintech investor PayU has the opportunity to support entrepreneurs who strive towards our vision of building a digital financial services platform connecting merchants, consumers, and banks in India. With this investment, PayU is one step closer to offering payments, lending, and wealth-tech services in a single stack,” said Anirban Mukherjee.
Fisdom, co-founded by Anand Dalmia and Subramanya SV is India’s leading digital wealth management platform providing solutions across investments, savings and protection.
Fisdom blends technology with financial knowledge to bring simplicity, accessibility and trust in financial products for the vastly underserved population in India. Several banks and financial institutions have partnered with Fisdom to provide access to financial products to their customers. Fisdom’s partners include Oriental Bank of Commerce, Bank of Baroda, Indian Bank, Karnataka Bank, City Union Bank, Bajaj Finserv and several more.
PayU is the payments and fintech business of Prosus, a global consumer internet group and one of the largest technology investors in the world. Operating and investing globally in markets with long-term growth potential, Prosus builds leading consumer internet companies that empower people and enrich communities.
Prosus has a primary listing on Euronext Amsterdam (AEX:PRX) and a secondary listing on the JSE Limited (XJSE:PRX), and is majority owned by Naspers.