Bengaluru-based Finwizard Technology Pvt. Ltd, which runs wealth management app Fisdom, has raised $1.1 million (Rs 7.3 crore) from Saama Capital.
The company will invest these funds in technology, to expand its team and acquire customers, it said in a statement.
Fisdom was founded by Subramanya SV, Ramganesh Iyer and Anand Dalmia in September 2015. Subramanya was previously managing director at venture capital firm Bessemer Venture Partners and is also an angel investor. He has invested in startups such as DailyNinja, Cartisan and Goodbox.
Iyer was an investment manager with Peepul Capital Advisors and Dalmia worked with Macquarie Capital India before starting Fisdom.
In January, Fisdom raised $500,000 in seed funding from angel investors based in India and overseas. The round was led by Silicon Valley-based venture capitalist Rob Chandra. CommonFloor co-founder Sumit Jain, TaxiForSure co-founders Aprameya Radhakrishna and Raghunandan G, Wooqer CEO Vishal Purohit, JM Financial CEO Rajeev Chitrabhanu and Macquarie Capital’s Gaurav Gupta also put money in this round.
“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 smartphones and Internet in Tier 2 and Tier 3 cities,” said Subramanya in a statement.
Subramanya told TechCircle the company plans to add 10 employees to its team of 25 people by the end of this year.
Saama Capital co-founder Ash Lilani said Fisdom is a “unique and innovative product” and has a lot of potential.
A number of fintech startups have raised funding this year. Goalwise, another online investment advisory platform, secured $1 million in angel funding.
Other online investment platforms include Tauro Wealth and Scripbox. Tauro received seed funding from TracxnLabs and angel investors while Scripbox raised its Series B round of funding led by Omidyar Network earlier this year.