Bengaluru-based wealth management app Fisdom today raised $1.1 million from Saama Capital. This is the second round of funding the company has raised.
In January, the team had raised a seed funding round of $500,000 from several investors, including Aprameya Radhakrishna and Raghunandan G (founders of TaxiForSure), Rob Chandra (Forbes Midas list venture capitalist from the Bay Area), Sumit Jain (founder of Commonfloor), Vishal Purohit (founder of Wooqer), Gaurav Gupta (Head of Macquarie India), Atin Kukreja and Debajit Sahu (founders of Rippledot, Singapore).
With this recent funding, the team intends to focus on the improvement of its technology, team expansion and customer acquisition.
Fisdom is a nine-month-old wealth management app that helps people manage their money. The startup’s website says, ‘Fisdom takes the guesswork out of sound, long-term investing’. In a press statement sent by the company, co-founder Subramanya SV, popularly known as Subu, says that traditional wealth managers have usually targeted the elite, and hence, a vast majority of the population remains unserved.
And with the growing use of the smartphone, Subu believes that there is great potential and opportunity in Tier II and Tier III cities.
A former venture capitalist at Bessemer Venture Partners, Subu wanted to move on to life on the other side of the table – as an entrepreneur. The other founders of Fisdom are Ramganesh Iyer, who co-founded a wealth management company that was bought by Karvy in 2009, and Anand Dalmia, a veteran investment banker.
Through its app and website, Fisdom lets users manage all their investments right from their smartphones, and that too without confusing them or compelling them to buy a particular financial services product.
Ash Lilani, co-founder, Saama Capital, adds that Fisdom is a unique and innovative product. He added that, knowing the co-founders for a while, they believe that the team will bring great growth to the product.
With over $285 million already invested in fintech startups this year, especially in the lending segment, different startups are beginning to focus on the investment management space.
There are other platforms that work towards helping individuals choose different investment options, like Policy Bazaar, Prudential.com, and even ICICI Bank, which has ventured into goal-based investment with iWish.