Personal finance management startup Fisdom has raised its second round of institutional funding of Rs 25 crore led by Quona Capital. Venture capital fund Saama Capital, which led the first round of Rs 7 crore last October, also participated in this round. Fisdom is a platform that allows users to make financial and investment decisions for long-term financial planning.
The Bengaluru-based company was founded in 2015 by former venture capital investor Subramanya SV and former investment banker Anand Dalmia. Fisdom has facilitated one lakh mutual fund investments worth more than Rs 100 crore in assets, it said. The company that focused on mutual funds so far is now planning to bring more financial sector products like insurance and National Pension Scheme (NPS).
“With this new investment round, we intend to further enhance the technology, expand our team and for our customer acquisition efforts. Quona Capital is a fintech-focused fund in emerging markets. They have a deep understanding of our business and we hope to benefit from their insights,” said Subramanya SV, CEO of Fisdom. Around 95% of the customers access Fisdom through the mobile app, and the app enables the customers to enrol, get advise, transact and track their investments in the app. It has also partnered with Bank of Baroda and Lakshmi Vilas Bank.
According to Fisdom, Indians have more than $1.35 trillion of their wealth in low yield bank deposits and often don’t invest in capital markets for various reasons — such as low financial literacy, low trust in market dynamics.
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