21 Mar 2020
Fintech startup Fintso raises 19.66 crores in its maiden round of funding

    Wealth management platform Fintso has raised $2.6 million from a set of individual angel investors, including Rajeev Juneja (CEO of Mankind Pharma), Pratul Shroff (Founder of eInfochips), Dilip Khandelwal (MD and Head of Technology, Asia Pacific, Deutsche Bank), Piyush Gupta (Group CFO, HT Media), and a few other general partners of consumer VC funds in India.

    Fintso, a 3-month-old fintech startup, founded by Wealth Management industry veterans, George Mitra and Rajan Pathak. A deep-tech based PaaS (Platform-as-a-Service), Fintso is a next-generation B2B2C solution to the wealth management industry for smart solutions and allied services to the ecosystem players.

    Funds will be used to build a platform that help IFAs (independent financial advisors) and MFDs to nurture client relationships, enable seamless operations, and help enhance productivity. Apart from this, they will also be strengthening their operations and servicing teams to offer real-time support to their audience.

    Prior to founding Fintso, George Mitra was the CEO of Avendus Wealth, managing a team of 125 people and an AUM of $4 bn. Rajan Pathak, was the CEO of IFAN, managing a team servicing 1300+ Independent Advisors who advised on assets of $500 mn. The founding team, including Vijaykumar Panchagatti (Ex Director, Unisys), Tanay Chourasia and Rohan Daftary, have over 75 years of cumulative experience.

    The disrupted ecosystem of Indian financial market often makes it difficult for service providers and vertical aggregators to efficiently service large pockets of customers spread across the country. Through focussing on RPA’s (Robotic Process Automation), AI (Artificial Intelligence) and ML (Machine Learning), Fintso solves for financial service provider’s lack of capacity to expand efficiently and cost-effectively service a wider and dynamic audience.

    Fintso also targets manufacturers and vertical integrators to offer them the benefit of wealth management. The platform aims at enabling digital players to become Omni-channels by allowing them to showcase their products to a larger audience in an efficient manner.

    Other players in the online investments segment include :

    • In January, Finzoom Investment Advisors Pvt. Ltd, which operates artificial intelligence-based wealth management venture INDwealth, has secured $12 million in its Series C funding round led by Tiger Global and Steadview Capital.
    • In December, Mutual fund investments-focussed startup WealthBucket raised Rs 18 crore ( around $2.52 million) in a pre-Series A funding round.
    • Groww, which raised $21.4 million (around Rs 152.5 crore) in a Series B funding round led by Silicon Valley-based venture capital firm Ribbit Capital in September last year

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