Cube Wealth, a digital wealth management service for busy professionals, has raised $5,00,000 (Rs 3.7 crore) in funding from two of its existing investors.
Existing investors who participated in the funding round include Singapore-based venture fund Beenext and Japan-based Asuka Holding, Cube Wealth said in a statement.
The Mumbai-based fintech startup, led by online payments firm Citrus Pay co-founder Satyen Kothari, will use the funds for expanding the engineering team and in growth marketing.
“I believe this pandemic is an inflection point for digital wealth management as customers will now get accustomed to and demand digital services for everything from KYC to tracking their investments,” Kothari said.
Cube Wealth, operated by Cube Consumer Services Pvt. Ltd, was launched in June 2018. It helps users get investment advice from experts. The service is delivered through its apps on iOS and Android.
Kothari, who has spent almost eight years in India and before that, close to 15 years in Silicon Valley, has started companies in the areas of marketing automation, e-commerce and consulting. His career includes stints with several start-ups and larger companies such as Intuit, First Data, Cisco, AOL, Yahoo, Frog design and Apple.
Additionally, Cube has launched a new cross-border SaaS service and marketplace called Cube Cloud. It already has some of the best-known fund managers in India enrolled as customers.
This service helps fund managers in India with a full-stack cloud-based marketplace to access capital from investors across 50 countries. The platform handles everything from marketing to information and capital tracking to regulatory permissions and compliance. Fund managers can sign up and go live in 7 days flat – and for free.
In 2018, Cube Wealth firm raised $2 million from Beenext, Asuka Holdings and US-based early-stage venture fund 500 Startups.
Several startups in the broader fintech space have raised funding in the recent past.
In May, merchants payment platform Mintoak Innovations Pvt. Ltd raised $2 million (around Rs 15.14 crore) in a pre-Series A funding round. The round in the Mumbai-based Mintoak was led by Pravega Ventures and other undisclosed existing backers.
In April, payments infrastructure platform YAP announced a $4.5 million(around Rs 34.62 crore) fundraise, barely two months after its angel funding round. The exercise was led by Singapore-based Beenext, with participation from 8i Ventures Fund, the DMI Group via its investment vehicle Sparkle Fund, and Better Capital.
Entellus Business Solutions Pvt. Ltd, which operates enterprise-focussed neo-banking platform Nupay, raised funding a seed investment round led by startup incubator and accelerator Venture Catalysts in January.