Finwizard Technology Pvt Ltd, which operates wealth management startup Fisdom, has raised $7 million (Rs 51.7 crore) in a fresh funding round.
This exercise in the Bengaluru-based startup has been led by existing investor PayU, with participation from other backers including Quona Capital and Saama Capital.
This round comes after Fisdom in October last year raised $11 million (around Rs 78 crore) by selling a minority stake to a clutch of investors including PayU, Quona Capital, and Saama Capital.
According to VCCEdge, the data research arm of Mosaic Digital, this takes the total capital raised by the wealth management startup since its inception in 2015 to nearly $23.5 million.
Fisdom was set up by Anand Dalmia and Subramanya SV. It provides technology-enabled wealth management services including solutions for investments, savings, and protection. The startup says it has partnered with banks and NBFCs including Oriental Bank of Commerce, Bank of Baroda, and Bajaj Finserv.
It will use this fresh funding for new product development and customer acquisition. The company will also look at acquisition opportunities to add to its product portfolio, it said in a statement on Thursday.
“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,” PayU India CEO Anirban Mukherjee said.
The startup had secured $3.84 million in a Series B round led by Quona Capital in late 2017 and mopped up $1.1 million from Saama Capital the previous year.
Several companies operate in the investments and wealth management segments of the larger financial-technology space, including deep-pocketed firms such as MobiKwik and Paytm.
In September, online investment platform Groww raised $30 million (around Rs 220 crore) in a Series C funding round led by YC Continuity, which backs Y Combinator companies. Other participants included Sequoia, Ribbit Capital, and Propel Ventures.
In January, INDwealth raised $12 million (around Rs 87 crore) in its Series C funding round from investors including Tiger Global, Steadview Capital, DF International Private Partners, and Tona Investments.