Finance planning mobile application Cube Wealth has raised $2 million in its Series A funding round from Singapore-based venture fund Beenext, Japan-based Asuka Holding and 500 Startups, and a US-based early stage venture fund.
The newly infused capital will be used by the company to grow sales in its top cities, which includes Mumbai, Delhi-NCR, Bengaluru, Hyderabad, Chennai, Kolkata and Pune. It’ll also spend money for expansion to Europe and Japan, targeting non-resident Indians.
Satyen Kothari, the founder and CEO of the startup, says that he hopes the company becomes profitable by the time it goes for a Series B fundraise, roughly 18 months from now. He added:
We are targeting the upper middle class segment of users who have an income of ₹10 lakh per annum and above and want to make financial planning easy and jargon-free. Our mission is to make 1 Mn Indian professionals financially independent via Cube Wealth.
Cube Wealth was founded earlier this year in May by Satyen Kothari, who had previously founded Citrus Pay. The online payments platform — Citrus Pay — was sold to PayU for $130 million in 2016 in one of the largest fintech cash deal in India.
The startup helps manage investment portfolios and provides investment advice from registered advisers. It offers goal-oriented financial management service where it factors priorities such as education, personal affairs, home, travel, and others. Additionally, it parks the money in liquid funds that earn almost double the interest against a typical bank account.
The company currently employs around 15 people, most of whom are engineers. In the coming year, the company will look to expand its team and is targeting for keeping the employee count below 50. In July, the firm partnered with peer-to-peer (P2P) lender Monexo Fintech to provide its customers with an alternative avenue for investments.
In this space of financial planning, Cube Wealth competes against the likes of ET Money, Wealthy, Scripbox, Paytm Money, among others.
