Fintech platform Wealthy.in raised $1.3 million from Good Capital and fintech venture capital firm Emphasis Ventures (EMVC). Previous investors, Venture Highway, Tracxn Labs, V1 Capital and Globevestor also participated in the funding round.
Founded by Aditya Agarwal, Amit Mondal, Prashant Gupta, Somit Srivastava and Tarun Khera in 2016, Wealthy is a digital financial services platform that provides investments related advice and transactions. It also aims to help users search for the most lucrative investment option by making the whole process personalised. The company forayed into the fintech market in 2016 with tax saving investments and has since pivoted to this model.
This round of funds will be utilised to scale up its partner base and to continue further development of the platform to offer more financial products.
The fund raised in this round will be utilised to scale-up its partner base and continue further development of the platform to offer more financial products.
In a statement, Aditya Agarwal, Co-founder of Wealthy.in, said, “Our focus is to build a strong base of partners which we call ‘Wealth Managers.’ Over the last three years, we have realised that though there is a growing demand for online financial solutions that are convenient and paperless, there is an underlying trust issue that deters most end customers to build meaningful relationships. Our partners are helping solve this trust deficit by bringing a rules-based advisory experience to customers in their trust network.”
“That was a turning point, prompting us to shift our focus from transactions to trust. In hindsight, we found that it only makes sense, as people have always been taking major financial decisions on the advice of other people, be it their friends, relatives, or their banker. This led us to introduce a layer of professionals who could engage end customers with a 360-degree solution,” Aditya explained.
Prashant Gupta, Co-Founder of Wealthy.in, said, “Our latest fundraise will help us fast track the process of onboarding banking professionals who are looking for an independent career. Typically, their jobs today with any large bank or financial institution is a one-sided relationship. The maximum benefit of this relationship accrues to the institution, leaving both the banker and clients short-changed.”
Arjun Malhotra, Founding Partner of Good Capital, said, “Wealthy.in’s approach in enabling the middleman to better curate and serve the eventual customer is something that resonates well with our investment thesis. We have seen this theme play out across different industries and are excited to partner with a highly capable and execution-oriented team in Aditya and Prashant.”
Melissa Frakman, Managing Partner of EMVC, said, “Indian households with a large and emerging middle-class deserve the transparency, cost-efficiency, and convenience of the country’s digital finance transformation, while still enjoying personalised, professional service from their advisor. We look forward to working with the Wealthy.in team, as they build a next-generation network of technology-enabled advisors to service a growing need of Indian households.”
You may also like,
More from Entrepreneur
Online learning platform Adda247 has raised Series B funding of $6 million led by Infoedge (India) Ltd and Asha Impact. …
Amazon-backed intracity bus aggregator Shuttl has raised a little over $18 million (Rs 128 crore) from a unit of the …
Digital payments company PayU has acquired a minority stake in wealth tech startup Fisdom by leading a $11 million (Rs 78 crore) funding round along with …