Fisdom raises USD 7 million in fresh round of funding led by PayU

By Edil Corneille

Indian WealthTech company Fisdom announced the raise of USD 7 million in a new round of funding led by PayU with participation from existing investors Quona Capital and Saama Capital. The funding will be deployed towards new product development and customer acquisition. The company will also look at acquisition opportunities that would add to its product portfolio.

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

During the COVID-19 pandemic, Fisdom has seen more than 80 per cent growth in its AUM, demonstrating the trust customers place in the company for their investments. At the same time, the company has continued to sign several new partners such as Indian Bank, Google Pay and SBM Bank. Fisdom has also expanded its existing team and has on-boarded more than 150 employees virtually during the last 6 months across engineering, sales and operations; including some key hirings 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.

Subramanya SV, Co-Founder & CEO, Fisdom said, “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.”

Anirban Mukherjee, CEO, 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. 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.”