[Funding alert] Wealthtech startup Fisdom raises $7M led by PayU

Fisdom, the wealthtech startup, has raised $7 million in a fresh round of funding led by PayU. The round also saw participation from existing investors - Quona Capital and Saama Capital. The funding will be used for new product development and customer acquisition. Fisdom will also look at different acquisition opportunities.

Speaking on the investment, Subramanya SV, Co-founder and CEO, Fisdom, said in a press statement, “We are happy that our investors continue to reaffirm their confidence in our strategy of B2C product and B2B2C distribution in partnership with banks and financial institutions."

"The latest investment will allow us to innovate and provide a holistic experience to our customers across investments, savings, and protection. We are also looking to deepen our engagement with our partners, which includes several leading banks and digital platforms.”

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Founded by Subramanya and Anand Dalmia, Fisdom is a wealth management platform that provides solutions across savings, protection, and investment. The startup has already partnered with banks like Oriental Bank of Commerce, Bank of Baroda, Indian Bank, Karnataka Bank, City Union Bank, Bajaj Finserv, and several more. 

Anirban Mukherjee, CEO, PayU India, said in the statement: “Fisdom has grown into a leading digital wealth management platform and has created a demand for its services in the market. We are very excited to continue to back Fisdom to help fuel its continued growth in the wealthtech segment and further expand its product portfolio." 

"As a leading fintech investor, PayU has the opportunity to support entrepreneurs who strive towards our vision of building a digital financial services platform connecting merchants, consumers, and banks in India. With this investment, PayU is one step closer to offering payments, lending, and wealth-tech services in a single stack.” 

The startup provides a platform for investing across mutual funds, insurance, pension funds, digital gold, etc. and help customers make informed investment decisions. The press statement added that Fisdom saw more than 80 percent growth during the pandemic. The team has also partnered with Google Pay and SBM Bank.

The statement said, Fisdom has expanded its existing team and has on-boarded more than 150 employees virtually during the last six months across engineering, sales, and operations; including some key hiring done during the last year. The company continues to invest in technology, innovation, and expanding the product offering to amplify the investing experience for its customers.