Fisdom, a Bengaluru-based wealth management start-up that offers investment advisory services through its mobile application, has raised $11 million in a fresh round of funding.
The investment was led by fintech giant PayU, which has invested $5 million and acquired minority stakes in the company, along with existing investors Saama Capital and Quona Capital.
Here's all about their latest fund-raise.
Fisdom serves over 200,000 active users
Founded in 2015 by Anand Dalmia and Subramanya SV, Fisdom provides wealth management services and serves over 200,000 active users.
The company offers advisory services to its customers and helps them to invest in multiple products including mutual funds, insurance, pension funds, and digital gold.
It has also tied up with several financial institutions, including Allahabad Bank, Bank of Baroda, and Karnataka Bank.
With this investment, PayU forays into wealth-tech
"This investment marks PayU's entry into the wealth-tech segment and is in line with the company's strategic goal of building a comprehensive digital fintech ecosystem connecting merchants, consumers, and banks locally," Anirban Mukherjee, CEO of PayU India, said while discussing about their latest investment.
How the fresh funds will be utilized?
Talking about future plans, Subramanya, who is also the CEO and co-founder of Fisdom, revealed that the company will use the fresh funds to bring in new products like general and health insurance as well as stock-broking.
Apart from that, the start-up also plans to double its 150-member team over the next 12 months by hiring fresh talent.
And, here's a look at the previous investments in Fisdom
Notably, this is the third round of funding for Fisdom, which has raised around $16.5 million since its inception. Prior to the latest fund-raise, the start-up had received $3.84 million in a Series B round led by Quona Capital in 2017.