Adapt Fintech Services, which owns wealth management firm Fintso, has raised $2.6 million in a seed funding round from angel investors.
HT Media Group CFO Piyush Gupta, Deutsche Bank executive Dilip Khandelwal, Mankind Pharma CEO Rajeev Juneja, Shival Group CEO Mayur Desai, Nagarro CEO Manas Fuloria and e-infochips founder Pratul Shroff invested in the company, according to a statement.
With the capital from the latest round, the company will enhance its platform technology and expand its servicing teams, it said.
Founded last year by George Mitra and Rajan Pathak, Fintso is a business-to-business-to-customer platform that provides solutions to financial advisors using robotics, artificial intelligence and machine learning, on the basis which the intermediaries can then advise their clients.
Although independent financial advisors control the wealth management market in terms of reach, they lack the capacity to expand operations, the company said. Fintso aims to bridge the gap by providing tailor-made solutions to the intermediaries, such as model investment portfolio and financial planning for their clients. Fintso enrolls banks, financial institutions and vertical integrators on its platform.
Earlier, Mitra and Pathak were the CEOs of investment banker Avendus Wealth and digital financial advisory services distribution platform Independent Financial Associates Network, respectively.
“Independent financial entrepreneurs have long been the ‘bridge of trust’ for clients -- not only existing, but (for) new savers (too). Using fintech to enhance and augment their offerings will ultimately help individual investors address their needs more holistically,” co-founder Pathak said.
This month witnessed multiple deals in the fintech space.
Bengaluru-based consumer lending platform SmartCoin Financials raised over $7 million in Series A funding round led by impact investor LGT Lightstone Aspada along with Unicorn India Ventures and Accion Venture Lab.
A&A Financial Services, which owns loan aggregation platform BankBazaar, raised $2.2 million in a growth round from returning investors, including Dublin headquartered credit information provider Experian, Fidelity International-backed venture entity Eight Roads and Menlo Park, California-based venture capital firm Sequoia Capital.
Karbon Card, a corporate credit card provider, raised $2 million in a seed round from a group of Indian and Chinese angel investors including Cred founder Kunal Shah, Pine Labs CEO Amrish Rau, and founder of Citrus Pay and Jupitar Jitendra Gupta.