Bangalore-based financial services firm has secured $7 million in fresh round of funding led by PayU. The round also saw participation from existing investors Quona Capital and Saama Capital.
New product development and customer acquisition are areas in which the firm seeks the use the fund raised. While also focusing on its product portfolio, the company will look at acquisition opportunities.
With new partners like Google Pay and SBM Bank coming on board, the company claims to have reported more than 80% growth, amid pandemic. Fisdom, in the last six months, has also virtually hired more than 150 employees across engineering, sales, and operations.
Subramanya SV, Co-Founder & CEO, Fisdom stated, “We are happy that our investors continue to reaffirm their confidence in our strategy of B2C product and B2B2C distribution in partnership with banks and financial institutions. The latest investment will allow us to innovate and provide a holistic experience to our customers across investments, savings and protection. We are also looking to deepen our engagement with our partners which includes several leading banks and digital platforms.”
Anirban Mukherjee, CEO of PayU India commented – “Fisdom has grown into a leading digital wealth management platform and has created a demand for its services in the market. We are very excited to continue to back Fisdom to help fuel its continued growth in the wealthtech segment and further expand its product portfolio. As a leading, fintech investor PayU has the opportunity to support entrepreneurs who strive towards our vision of building a digital financial services platform connecting merchants, consumers, and banks in India. With this investment, PayU is one step closer to offering payments, lending, and wealth-tech services in a single stack.”
–AK
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.