Centricity WealthTech Raises $33m to Boost Wealth Operations

By Milan Rojan

Gurugram-based WealthTech startup Centricity WealthTech has raised approximately $33 million in a funding round led by SMBC Asia Rising Fund, as it has sought to strengthen its technology platform and expand its wealth management operations.

The round has comprised around $27 million in equity and $6 million in venture debt, valuing the company at approximately $216 million. Existing investors, including Lightspeed India Partners and Burman Family Office, have also participated in the financing.

Centricity has planned to deploy the new capital towards strengthening its technology stack, expanding its business-to-business-to-consumer (B2B2C) wealth distribution platform and growing its private wealth and global non-resident Indian (NRI) businesses.

The company has said it currently manages more than $1.7 billion in assets and serves over 20,000 partners and more than 100,000 investors.

The funding has followed Centricity’s expansion of its technology-led wealth management offering, which has been designed to support financial distributors and investors through a combination of digital infrastructure and assisted services.

The startup has continued to target growth in India’s wealth management market while also developing its international private client and NRI operations. Its latest investment has provided additional capital for technology development and expansion as it has sought to scale these businesses.

SMBC Asia Rising Fund, the corporate venture capital arm associated with Sumitomo Mitsui Banking Corporation, has increasingly invested in Asian technology companies, including FinTech businesses.

For Centricity, the latest funding has marked a further step in its efforts to scale its platform and broaden its presence across wealth management, while existing investors have continued to support the company’s growth strategy.