Wealth management firm Fintso has raised $2.6 million(Rs 19 crore) from a clutch of individual investors in its angel round of funding.
Investors who participated in the round include Rajeev Juneja (CEO at Mankind Pharma), Pratul Shroff (founder of Infochips) and Dilip Khandelwal (MD at Asia Pacific, Deutsche Bank) among others.
The Mumbai-based firm said in a statement it will use the funds to build a platform that help IFAs (independent financial advisors) and MFDs to nurture client relationships, enable seamless operations, and help enhance productivity.
“Using Fintech, to enhance and augment their offerings will ultimately help serve the individual investors address their needs more holistically,” Rajan Pathak, co-founder at Fintso, said.
Fintso, operated by Adapt Fintech Advisors Pvt. Ltd, was launched by Pathak and George Mitra three months ago. Before founding Fintso, Mitra was the CEO of Avendus Wealth, managing a team of 125 people and an AUM of $4 billion. Pathak was the CEO of IFAN and managed a team servicing over 1,300 independent advisors who are said to have advised on assets of $500 million.
The firm focuses on bridging this gap with its RPA’s (Robotic Process Automation), AI (Artificial Intelligence) and ML (Machine Learning) backed platform.
Deals in the fintech segment
The commitment to Fintso shows that investors' interest in financial technology is showing no signs of slowing down. Companies in the segment seek to address the growing need for the last-mile delivery of financial services and provide value-added services to consumers across all socio-economic segments.
In January, Finzoom Investment Advisors Pvt. Ltd, which operates artificial intelligence-based wealth management venture INDwealth, has secured $12 million in its Series C funding round led by Tiger Global and Steadview Capital.
In December, mutual fund investments-focussed startup WealthBucket raised Rs 18 crore ( around $2.52 million) in a pre-Series A funding round.
Other players in the online investments segment include Groww, which raised $21.4 million (around Rs 152.5 crore) in a Series B funding round led by Silicon Valley-based venture capital firm Ribbit Capital in September last year.