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 existing investors Saama Capital and Quona Capital.
Founded in 2015 by former venture capitalist Subramanya SV, ex-investment banker Anand Dalmia and Ramganesh Iyer, Fisdom allows consumers to invest across instruments like mutual funds, pension funds, insurance funds, digital gold and others. It partners with banks and financial institutions to provide access to financial products. To date, Fisdom has partnered with Oriental Bank of Commerce, Bank of Baroda, Allahabad Bank, Karnataka Bank, and City Union Bank, among many others. At present, the startup serves more than 200,000 active customers, with a majority of them based in Tier II and III towns.
Speaking on the investment, Anirban Mukherjee, CEO, PayU India, said: “This investment marks PayU’s entry into the wealthtech segment and is in line with the company’s strategic goal of building a comprehensive digital fintech ecosystem connecting merchants, consumers, and banks locally.” Speaking on the wealthtech platform’s USPs, he added, “Fisdom, with its multi-product strategy and a robust and scalable digital platform, offers immense cross-selling opportunities. The company has a strong management team led by experienced founders, and we are happy to partner with them and work towards providing a broader fintech platform around core payments and lending business. With this investment, PayU is one step closer to offering payments, lending, and wealthtech services in a single stack.”
Subramanya, Co-founder, and CEO of Fisdom, said, “This investment allows us to continue innovating in order to better serve our consumers including by bringing new products like insurance and broking. PayU, being one of the leading fintech players in the country, provides an immense opportunity that we are keen to explore. We are very happy that our earlier investors, Saama Capital and Quona, continue to support us in our endeavour.”
By investing in Fisdom, the company has officially marked its entry into India’s wealth management segment. PayU’s Indian portfolio includes fintech companies such as lending platform LazyPay, ZestMoney and CitrusPay. The Nasper-owned company has also acquired various Indian startups like online payment processor Wibmo for $70 Mn and digital lending platform PaySense.
Moreover, PayU was also reported to be in talks with MobiKwik to acquire its payment gateway Zaakapay, but MobiKwik denied any such development.
You may also like,
More from Entrepreneur
Picture it. It’s a hot night under a starry sky, everyone is asleep and everything is quiet until an ambulance …
Socks ecommerce startup Soxytoes has raised an undisclosed round of investment from Gurugram-based angel network. According to a statement released …