Wealth Management Platform Fisdom Raises Rs 51 Crore From PayU And Others
Existing investors, including US-based Quona Capital and Saama Capital, also participated in the funding round. PayU is also an existing investor in the company.
Wealth Management Platform Fisdom Raises Rs 51 Crore From PayU And Others
- Fisdom is a fintech platform that offers investment advisory services to its customers.
- The company will use the funding for product development and customer acquisition.
- Quona Capital and Saama Capital also participated in the funding round.
Bangalore-based wealth management platform Fisdom has raised $7 million (or about Rs 51.7 crore) in a new funding round led by payment gateway platform PayU.
Existing investors, including US-based Quona Capital and Saama Capital, also participated in the funding round. PayU is also an existing investor in the company.
Saama Capital has also been an investor in Vistaar, a non-banking financial company providing credit facilities to micro-enterprises.
The company will use the fresh funding for product development, customer acquisition, along with other acquisition opportunities as well to deliver a holistic experience to its customers.
Commenting on the fresh funding, Subramanya SV, Co-founder, Fisdom, said, “The latest investment will help us to innovate and provide a holistic experience to our customers across investments, savings, and protection.”
In October 2019, PayU acquired a minority stake in Fisdom by leading $11 million (or about Rs 78 crore) funding along with the participation of existing investors Saama Capital and Quona Capital.
Till date, It has raised over $23 million in a total of six funding rounds.
Founded in 2015, by Anand Dalmia, Ramganesh Iyer, and Subramanya SV, Subramanya was the managing director of Bessemer Venture Partners. Anand, on the other hand, has a decade of experience in investment banking in UBS, Macquarie, and Avendus.
“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 wealth tech segment and further expand its product portfolio,” said Anirban Mukherjee, CEO, PayU India.
“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,” he added.
Fisdom is an online platform for investing across mutual funds, insurance, pension funds, digital gold, etc., and helps customers make informed investment decisions.
During the COVID-19 lockdown, Fisdom witnessed a more than an 80% increase in its AUM (Assets Under Management). At the same time, the company partnered with several companies such as Indian Bank, Google Pay, and SBM Bank, said the statement.
In the last few months, the company has expanded its existing team and has on-boarded more than 150 employees virtually across engineering and sales operation; including some key hiring done the last year, the statement added.
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