Fisdom raises USD 3.8 M for its fintech business
Fisdom
Founders: S.V. Subramanya, Ramganesh Iyer, and Anand Dalmia
Founded in: 2015
Financing status: USD 3.8 million for a Series B round
Fisdom, a Bangalore-based wealth management startup, has raised USD 3.84 million in a Series B round. Quona Capital Management Ltd, which focuses on the fintech market, led the round. Existing investor Samaa Capital, which gave Fisdom USD 1.1 million last year, also contributed.
The startup will use the new funding to improve its technology, hire new employees, and acquire more customers. It will also reportedly begin rolling out new products, such as special insurance offerings.
S. V. Subramanya, a former managing director at Bessemer Venture Partners, Ramganesh Iyer, formerly an investment manager at Peepul Capital Advisors, and Anand Dalmia, who used to work for Macquarie Capital India, founded Fisdom in late 2015.
The startup, which aims to help customers make prudent financial decisions and investments, allows users to access a wide range of financial products in which they can invest. Fisdom’s automated services and transactions are offered for free.
Indians, according to Subramanya, do not often invest in capital markets due to poor financial literacy and poor faith in the market. Fisdom is looking to encourage Indians to invest their money by increasing the availability of investment services.
Users can follow and track their investments and are given access to free wealth management services.
The company, which is linked with Bank of Baroda and Lakshmi Vilas Bank, states that it has orchestrated over 100 thousand investments in mutual funds that are worth over USD 15.3 million.
Fisdom is set to compete against several other Indian fintech startups, such as Tipbazaar, Scripbox, and WealthTrust.
