Fincash, a personal financial services startup has raised $150,000 from a set of unnamed investors. The startup plans to use the funds to expand service offerings, customer base and team augmentation.
This is the second round of angel funding for the Mumbai-based company. With this fresh round, the company has raised a total of $250,000 funding since its inception.
Launched in 2016 by two IIT alumni – Gaurav Perti and Pawan Kumar – Fincash helps retail investors to transact as well as monitor their mutual funds investment. Besides, it also offers an array of financial products and long-term savings and tax planning among others.
The platform claims to have crossed 5,000 user accounts with 30 per cent active user base through a press statement. Currently, it has presence in 150 cities. Last year, the fintech startup raised $100K in its first round of funding from a clutch of individual investors.
Over the past couple of years, several wealth and expense management, financial advisory, and investment platforms have managed to attract investors interest.
Personal finance app- based fintech startup WealthTrust raised $500,000 from India Quotient in a pre-Series A funding round. Online investment platforms, including Fisdom, Goalwise, Scripbox, and Tauro Wealth had received funding in 2017.
Last year in June, the Indian markets have seen a rise in mutual fund assets with the asset under management (AUM) of the industry being at all-time high of Rs 20 lakh crore. Over the past couple of months mutual funds are witnessing spike in sales .
According to AMFI (Association of Mutual Funds in India) report, from the last three years, the industry assets have doubled. Out of the total industry assets, 20 per cent assets are towards the money market space, however, more than 90 per cent of these assets belong to non-individuals or companies.