Fisdom, An App That Simplifies Financial Investing, Raises $1.1M from Saama Capital
Launched in April 2016, Fisdom currently facilitates investments into various types of mutual funds, however the vision is to be a complete personal finance manager with bespoke advising capabilities for all investment and other financial products over the medium term.
Bangalore based wealth management app Fisdom has raised $1.1 million from Saama Capital. The company will use these funds to further invest in technology, team expansion and customer acquisition.
Fisdom, founded by Subramanya SV, former partner at Bessemer Venture Partners, Ramganesh Iyer who cofounded a wealth management company that was bought by Karvy in 2009 and Anand Dalmia, a veteran investment banker, uses cutting edge technology to solve the inherent issues with financial investment by making investing easy to understand, quick and highly accessible as a mobile first app.
Indians have more than $1.35 trillion of their wealth in low yielding bank deposits and typically don’t invest in capital markets for various reasons such as a lack of financial literacy, low trust in market dynamics and a negative inertia to act. Fisdom addresses these very issues through its user friendly mobile and web apps. Fisdom has also innovated on its on-boarding process through its unique paperless KYC process which reduces the time and effort to sign up thereby allowing customers to quickly start receiving goal based, jargon-free advice and the ability to follow through with an investment instantly.
Commenting at the announcement, Co-founder & CEO Subramanya SV said “Traditional wealth managers have mostly targeted elite customers leaving the vast majority of the population unserved. We see a huge potential and opportunity with the growing usage of smart phones and internet in Tier 2 and Tier 3 cities. I am happy that we have Saama Capital by our side to partner with us in this endeavor.”
Launched in April 2016, Fisdom currently facilitates investments into various types of mutual funds, however the vision is to be a complete personal finance manager with bespoke advising capabilities for all investment and other financial products over the medium term. In July 2016, Fisdom made a significant break-through when Bank of Baroda appointed Fisdom as its wealth management partners for their entire retail customers base.
Cofounder of Saama Capital, Ash Lilani stated “Fisdom is a unique and innovative product with cofounders of a fine pedigree. We have known the cofounders for a while and see a lot of potential in the business. Saama Capital is delighted to be associated in this venture and we look forward to work closely with the team to grow the business”.
Earlier in December 2015, Fisdom raised a round of seed funding from reputed angel investors based in India and overseas. The list of early investors includes Rob Chandra (Forbes Midas list venture capitalist from the Bay Area), Raghunandan and Apraemya (founders of TaxiForSure), Sumit Jain (founder of Commonfloor), Vishal Purohit (founder of Wooqer), Gaurav Gupta (Head of Macquarie India), Atin Kukreja and Debajit Sahu (founders of Rippledot, Singapore) etc.
Note: They were the winners of IBM India Smartcamp for Fintech organised by IBM Global Entrepreneur, in the month of August.
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