[Funding alert] Fintech startup Fintso raises $2.6M in maiden round
Wealth management platform Fintso has raised $2.6 million from a set of individual angel investors, including Rajeev Juneja (CEO of Mankind Pharma), Pratul Shroff (Founder of eInfochips), Dilip Khandelwal (MD and Head of Technology, Asia Pacific, Deutsche Bank), Piyush Gupta (Group CFO, HT Media), and a few other general partners of consumer VC funds in India.
According to the startup, this capital will be used to build a state-of-the-art platform that helps IFAs (Independent Financial Advisors) to nurture client relationships, enable seamless operations, and help them enhance productivity.
Apart from this, Fintso will also use it to strengthen its operations and servicing teams to offer real-time support to its audience.
Commenting on the investment, George Mitra, Co-founder and CEO of Fintso, said,
“We are extremely happy to have investors who believe in what we are doing and are providing much more than capital – by sharing their knowledge and experience. Their experience in having started and built-out enterprises, and being professionals who steer large organisations, will be invaluable for Fintso in its journey.”
Started just three months back, Fintso claims to be a deep-tech based PaaS (Platform-as-a-Service) which was founded by wealth management industry veterans George Mitra and Rajan Pathak.
The startup provides B2B2C solution to the wealth management industry for smart solutions and allied services to the ecosystem players.
Piyush Gupta, Group CFO of HT Media added, “By using ‘deep-tech’ and automation, Fintso is trying to solve a real problem of non-standardisation and information asymmetry in the large financial advisory space. The fact that it is led by a stellar team of professionals having a vast domain experience, as well as technology background, augurs well for success.”
Through focussing on RPA’s (Robotic Process Automation), AI (Artificial Intelligence) and ML (Machine Learning), Fintso solves for financial service provider’s lack of capacity to expand efficiently and cost-effectively service a wider and dynamic audience.
The startup also targets manufacturers and vertical integrators to offer them the benefit of wealth management. It aims to enable digital players to become omnichannel by allowing them to showcase their products to a larger audience in an efficient manner.
Speaking about the solution, Fintso’s Co-founder Rajan Pathak, said,
“Independent financial entrepreneurs have long been the “bridge of trust” for clients, not only existing, but new savers. Providing solutions to this ecosystem, to help them do more, and do better, for their clients, is the most effective way of addressing this large, yet highly fragmented, market. Using fintech to enhance and augment their offerings, will ultimately help serve the individual investors address their needs more holistically”.
Prior to founding Fintso, George Mitra was the CEO of Avendus Wealth, managing an AUM of $4 billion. On the other hand, Rajan Pathak was the CEO of IFAN, managing a team servicing 1,300+ independent advisors who advised on assets of $500 million.
(Edited by Saheli Sen Gupta)
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