Wealth management startup Cube Wealth announced on Monday that it has raised Rs 14 crore (about $2 million) in equity funding from Singapore-based venture fund Beenext, Japan-based Asuka Holding and 500 Startups.
The company said that it will use these funds for additional asset partners, and to develop a network of premium sales and marketing partners across different countries including Mumbai, Delhi-NCR, Bengaluru, Hyderabad, Chennai, Kolkata and Pune.
Cube Wealth also plans to expand its presence across Europe and Japan, as it is looking to target non-resident Indians from these markets.
Specifically built for Indian professionals, Cube Wealth is a subscription-based automated wealth tech app that works on the concept of disciplined long-term wealth creation.
The app helps individuals to invest in multiple asset classes including equities, mutual funds, P2P lending, gold, and even charitable investing to build a well-rounded portfolio.
Further, the platform has top-tier SEBI registered advisors and RBI registered asset providers that help guide every user on the right portfolio set up based on their life situation, cash flow, current investments, and risk appetite.
Cube was founded by Satyen Kothari, who had previously founded Citrus Pay, which was acquired by PayU for $130 million in 2016.
Speaking on this investment, Satyen Kothari, Founder and CEO of Cube Wealth, said,
“We believe the hard-working Indian middle class deserves better wealth creation options and advice and service than the standard insurance policy or mutual fund that is sold to them today. Our mission is to make 1 million Indian professionals financially independent via Cube Wealth. With the backing of an amazing set of prominent fintech global investors who believe in our vision of transforming how wealth is created, we are confident that we will achieve this mission.”
The company reportedly has close to 15 members now and is looking to scale to 50 with this fresh round of funding.
Teru Sato, Founder of Beenext stated,
“I really enjoyed working with Satyen when he was managing Citrus Pay, and we are excited to back him and his team again at Cube. His passion for doing what’s right for the consumer in terms of design thinking and customer centricity makes him a special entrepreneur in my opinion. The country has a large and aspirational middle class that deserves high quality products and services in all areas of life. We see huge potential in Cube Wealth as a leader in the fast-growing wealth tech market.”
According to YourStory Research, over the last nine months (of 2018) close to $29.5 million has been invested in India’s wealth management startups across 11 deals.