Wealth management app–Cube Wealth launched by serial entrepreneur Satyen Kothari has raised $2 million from Singapore-based venture fund Beenext, Japan-based Asuka Holding and 500 Startups.
The startup will allocate the fresh funds to ramp up its sales in metros–Mumbai, Delhi-NCR, Bengaluru, Hyderabad, Chennai, Kolkata and Pune. Besides, it aims to expand its services to overseas markets such as Europe and Japan to target NRI’s.
Incepted in May, this year, Cube essentially covers all the aspects of investments through a single application that only requires a minute a month. It aspires to cater to urban professionals who earn Rs 10 lakh per annum.
Cube provides goal-oriented financial management service where it factors priorities such as education, personal affairs, home, travel, and others. Additionally, it parks the money in liquid funds for you to earn almost double the interest, against a typical bank account.
If customers need inspiration on where to spend money – Cube Wealth covers them under ‘Dream Goals’ sections.
Kothari, who also founded Citrus Payments said that Cube hopes to become profitable after 18 months (approximately) when it would be raising Series B funds.
During an exclusive interview with Entrackr, Kothari explained wealth creation requires investing in high-quality business and assets. It requires discipline, without being swayed away by fear or greed and staying invested for a long time to let compounding do its magic.
In July, Cube had tied up with peer-to-peer (P2P) lender Monexo Fintech to provide its customers with an alternative avenue for investments.
The startup has around 15 employees and with the fresh capital, it is looking to swell its team size to up to 50.
The development was reported by Mint.