Finwizard Technology-run fintech platform Fisdom has raised $7 million in a funding round led by PayU, the payments and fintech business of Prosus, with participation from returning investors Quona Capital and Saama Capital.
The fresh capital will be used for product development, and acquisition of both customers and other companies to add more products to the platform, a statement said.
Last year, the same set of investors had infused $11 million in the Bengaluru-based startup.
“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,” Subramanya SV, co-founder and CEO of X-based Fisdom, said.
Founded in 2016 by Anand Dalmia and Subramanya SV, Fisdom provides a platform for customers to invest in multiple products, including mutual funds, insurance, pension funds and digital gold.
Amid the ongoing pandemic, the startup has seen more than 80% growth in its assets under management (AUM). Parallely, it has signed on several new partners, such as Indian Bank, Google Pay and SBM Bank.
Fisdom said it has also expanded and on-boarded more than 150 employees virtually in the past six months across engineering, sales and operations teams.