Fisdom, an upcoming wealth management startup, has raised $ 7 million in a new round of funding led by PayU. Existing investors like Quona Capital and Saama Capital also participated in the round, the company announced.
Co-founded by Anand Dalmia and Subramanya SV, Fisdom provides a platform that helps users invest in multiple products including mutual funds, insurance, pension funds, digital gold, etc, right from their mobile phone. Blending technology with financial knowledge, the company brings forth a platform that helps customers to make informed decisions for their investments. The digital financial company also says that its goal is “to bring simplicity, accessibility, and trust in financial products for the vastly underserved population in India.”
The company also has partnered with several banks and financial institutes like Oriental Bank of Commerce, Bank of Baroda, Indian Bank, Karnataka Bank, City Union Bank, Bajaj Finserv, etc., which provide access to their financial products via its platform.
Fisdom, in a statement, said that during the pandemic, it recorded a growth of more than 80 percent in AUM(Assets Under Management), which portrays the trust the customers are showing in its platform. The company was also able to sign new partners like Indian Bank, Google Pay, and SBM Bank.
Now, the startup plans on using this new capital to develop more products and help in customer acquisition.
About the investment, Mr. Subramanya SV, Co-Founder & CEO, Fisdom said, “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.”
PayU, the company that led the investment round, is the fintech arm of Prosus, a global consumer internet group and one of the largest technology investors in the world. Prosus, majority-owned by Naspers, has a rich history of investment globally and has a primary listing on Euronext Amsterdam (AEX:PRX) and a secondary listing on the JSE Limited (XJSE:PRX).
Mr. Anirban Mukherjee, the CEO of PayU India, said, “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. 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.”
