Udit
Fisdom, which is a wealth management app owned by the Bangalore based financial technology startup FinWizard Technology, has now secured $11 million in a funding round led by the digital payment solution firm PayU.
Some of the returning investors in the round include the Quona Capital and Saama Capital.
The latest round marks the PayU first bet in the country wealth management or wealth technology segment. PayU is owned by the Prosus, a consumer internet company that was spun out of the South African media and technology form Naspers in the month of March this year. Naspers even continue to own more than 70% of the Prosus.
Fisdom is an automated investment service provider that manages the personalized online investment account for its customers. It even claims to enable the consumers to make smart investment decisions for their long term financial health by helping them to invest in multiple products, which include insurance, mutual funds, Digital gold, and pension funds.
“This investment allows us to continue innovating in order to better serve our consumers, including bringing new products like insurance and broking. PayU, being one of the leading fintech players in the country, provides an immense opportunity that we are keen to explore,” founder and CEO Subramanya SV said.
“Fisdom, with its multi-product strategy and a robust and scalable digital platform, offers immense cross-selling opportunities. With this investment, PayU is one step closer to offering payments, lending, and wealth tech services in a single stack,” Anirban Mukherjee, CEO, PayU India, said.