 "(From Left) Ramganesh Iyer, Subramanya S V and Anand Dalmia")
About $1.35 trillion of wealth of Indians is deposited in low-yield deposits. If invested elsewhere, it could generate better return. The most often cited reason for this is lack of financial literacy and this is exactly where Fisdom, a financial technology start-up, comes in. By giving goal-based and jargon-free advice to its customers, it helps them follow their investment on a real-time basis.
Last month, the start-up raised $1.1 million (Rs 7.3 crore) from Saama Capital. Earlier, in December 2015, it had raised $500,000 (Rs 3.4 crore) in seed funding from a number of angel investors. The company will use these funds to further invest in technology, team expansion and customer acquisition.
The Bengaluru-based wealth management app was founded in June 2015, by Subramanya S V, Ramganesh Iyer and Anand Dalmia.
The start-up uses modern technology to solve the inherent issues with financial investment, by making investing easy to understand, quick and highly accessible as a mobile-first app.
Fisdom facilitates investments into various types of mutual funds, and aims to be a complete personal finance manager with advising capabilities for all sorts of investments. The company makes money by charging a commission from asset management companies. Its major customer base consists of individuals earning in the bracket of Rs 10-25 lakh a year.
“We expect to turn profitable in the next two years and aim to have 10,000 invested customers in the next six months,” says Subrmanya S V, chief executive officer.
The app has a collaboration with Bank of Baroda, and is a wealth management partner for the bank’s individual customer base. It 25 staffers and plans to take the number to 35 by the end of this year.
