Wealth Management platform, Fisdom has raised USD 7 million in funding led by PayU on Thursday, Dec 3.
The round also saw participation from existing investors, Quona Capital and Saama Capital, a statement said.
The fresh funding will be deployed towards new product development and customer acquisition, and the company will also look at acquisition opportunities that would add to its product portfolio, it added.
Fisdom provides a stage for investing in numerous products including mutual funds, insurance, pension funds, electronic gold and helps customers make informed investment decisions.
Fisdom has seen more than 80 per cent growth in its assets under management (AUM) in the last few months.
It has signed new partners like Indian Bank, Google Pay and SBM Bank, also has also expanded its group onboarding over 150 employees in the previous six months across engineering, sales and operations.
“The newest investment will enable us to innovate and provide a holistic experience to our clients round investments, savings and protection. We are also seeking to deepen our engagement with our associates that includes several leading banks and electronic programs,” Subramanya SV, co-founder and chief executive officer (CEO) of Fisdom said.
Anirban Mukherjee, CEO of PayU India, stated Fisdom has grown into a leading electronic wealth management platform, and it has created a demand for the services on the marketplace.
“We’re very excited to continue to back Fisdom to help fuel its continued growth in the wealthtech section and further expand its product portfolio,” he added.
As a major, fintech investor PayU gets the opportunity to support entrepreneurs who strive towards the vision of building a digital financial services platform linking retailers, customers, and banks in India, he said adding that PayU is 1 step closer to offering payments, lending, and wealth-tech services in one stack with this investment.
Address: Queens Paradise, No. 16/1, 1st Floor, Curve Rd, Shivaji Nagar, Bengaluru, Karnataka 560051
Anand Dalmia, Ramganesh Iyer, Subramanya S.V., Subramanya Venkat
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