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Fisdom raises $7 million in funding from PayU, others

The round also saw participation from existing investors, Quona Capital and Saama Capital, a statement said.

December 03, 2020 / 03:41 PM IST
The 2020 Forbes list of 400 Richest People in America has been topped by Bezos, 56 who has a net worth of USD 179 billion and has occupied the spot of the richest person in the US for the third year in a row. Bill & Melinda Gates Foundation Cofounder Bill Gates is ranked second on the list with a net worth of USD 111 billion. (Image: Reuters)

The 2020 Forbes list of 400 Richest People in America has been topped by Bezos, 56 who has a net worth of USD 179 billion and has occupied the spot of the richest person in the US for the third year in a row. Bill & Melinda Gates Foundation Cofounder Bill Gates is ranked second on the list with a net worth of USD 111 billion. (Image: Reuters)

Fisdom, a wealth-tech company, on Thursday said it has raised USD 7 million (about Rs 51.7 crore) in funding led by PayU.

The round also saw participation from existing investors, Quona Capital and Saama Capital, a statement said.

The fresh funding will be deployed towards new product development and customer acquisition, and the company will also look at acquisition opportunities that would add to its product portfolio, it added.

Fisdom provides a platform for investing in multiple products including mutual funds, insurance, pension funds, digital gold etc and helps customers make informed investment decisions.

Fisdom has seen more than 80 per cent growth in its assets under management (AUM) in the last few months.

It has signed new partners such as Indian Bank, Google Pay and SBM Bank, and has also expanded its team onboarding more than 150 employees in the last six months across engineering, sales and operations.

"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," Subramanya SV, co-founder and chief executive officer (CEO) of Fisdom said.

Anirban Mukherjee, CEO of PayU India, said 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," he added.

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

PTI
first published: Dec 3, 2020 03:41 pm

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