Fisdom Raises $4 Million in Series B led by Quona Capital and Supported by Existing Investor Saama Capital
BANGALORE, November 8, 2017 /PRNewswire/ --
Personal finance management start-up Fisdom has raised $4 million in Series B led by Accion Frontier Inclusion Fund, managed by Quona Capital. The financing round also included investment from existing investor, Saama Capital.
Fisdom is an easy-to-use, jargon-free platform that allows users to make smart financial and investment decisions for long-term financial health. Indians have more than US$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, and an inertia to act. Fisdom fills an important gap in the Indian ecosystem by offering customised solutions to the vast majority of the population, largely unserved or under-served by traditional financial advisors.
The company's founders include Subramanya SV, a former Managing Director at Bessemer Venture Partners in India, and Anand Dalmia, a veteran investment banker, most recently at Macquarie.
Fisdom lets consumers manage investments from their mobile phones in an easily accessible and intuitive interface, and without compelling them to buy a particular financial product. Currently Fisdom helps customers achieve their financial objectives by helping them invest in mutual funds; but soon will be bringing more financial products onto the platform. Everything from onboarding, advisory, transactions, tracking and rebalancing is completely digital and automated. Customers may also go through a quick diagnostic "financial health" survey to identify key areas of focus including tax, savings, investments and insurance. In the last one year, Fisdom apps have facilitated more than 100,000 mutual fund investments worth more than $15 million in assets. Nearly 95% of the customers access Fisdom through the mobile apps.
Over the past year, Fisdom has successfully developed and executed strategic partnerships, including those with Bank of Baroda and Lakshmi Vilas Bank, to offer smart financial solutions to their customers.
"In Fisdom, we are thrilled to back a team that is taking a uniquely holistic, customer-centric approach to developing savings, investments, and financial management tools for emerging, underserved consumers. The solution Subu and Anand are building truly democratizes wealth advisory in India for the first time," says Ganesh Rengaswamy, Founding Partner at Quona Capital, which manages the Accion Frontier Inclusion Fund.
Kiranbir Nag, Partner at Saama Capital said, "We have seen the Company consistently execute on its well-articulated and differentiated strategy to go after this large unserved market. We are happy to continue to support the company's growth and welcome the addition of Quona Capital as we enter this exciting next phase of growth."
"We are excited to partner with Quona Capital. As a fintech-focused fund in emerging markets, the team has deep and relevant understanding of our business, and we hope to benefit from their insights," said Subramanya SV, CEO of Fisdom.
With this new investment round, the team intends to further enhance its technology, and expand its team and customer acquisition efforts. Fisdom also has plans to roll out more financial products like insurance and NPS.
Previously, Fisdom raised $1.1 million from Saama Capital in Series A in October 2016, and $500,000 from a group of highly reputed global angel investors.
About Fisdom Profile
Fisdom.com is a online wealth management app developed by Finwizard Technologies Pvt. Ltd. The app is the brainchild of investment professionals Subramanya SV and Anand Dalmia and was launched in June 2015. Starting with Mutual Fund investments, there are plans to expand the product service portfolio of the app to insurance, bonds and pension products in future.
Fisdom is an investment advisor registered with the Association of Mutual Fund Federation of India (AMFI). We are a team of finance professionals, data scientists, and software engineers. fisdom is at the leading edge of a shift in financial services towards transparency and accessibility. Fisdom is an automated investment service provider. We manage a personalized online investment account for you that is accessible anytime and anywhere from your desktop, tablet or mobile. Fisdom helps make your money work for you. We provide personalised investment recommendations without asking you long, intrusive questions. As we understand you better over time, our recommendations can get further tailored to your situation. We also provide a seamless interface on the app and the web to transact and consummate these recommendations.
Contact:
Subramanya SV
Co-founder
+91-9867122441
SOURCE Fisdom.com
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