Wealthtech Firm Fisdom Raises Funding From PayU
The funding will be deployed towards new product development and customer acquisition
By Prabhjeet Bhatla •
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Wealthtech company Fisdom on Thursday announced to have 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 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.
The company claims to provide a holistic platform for investing in multiple products including mutual funds, insurance, pension funds, digital gold, etc., which helps customers make informed investment decisions for every goal of their life. In these volatile times, the move is a testimony of the investor's belief in its management team, vision, and ability to build a sustainable wealth-tech business in the long term.
"We are happy that our 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," remarked Subramanya S.V., co-founder and chief executive officer, Fisdom, while speaking on the investment.
During the pandemic, the company has seen more than 80 per cent growth in its AUM, demonstrating the trust customers 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.
The company continues to invest in technology, innovation, and expanding the product offering to amplify the investing experience for its customers.
"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," added Anirban Mukherjee, chief executive officer, PayU India.
The company maintains that it 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 the platform to provide access to financial products to their customers. Its partners include Oriental Bank of Commerce, Bank of Baroda, Indian Bank, Karnataka Bank, City Union Bank, Bajaj Finserv among others.
