19 Oct 2016

Rishabh Tripathi

Financial Advisory App Fisdom Raises $1.1 Mn

Fisdom , a wealth management and advisory app , run by bengluru based Finwizard Technologgy Pvt. Ltd. has raised $1.1 million in funding from Saama Capital. The funding will be used in technology upgradation, expansion of team and acquiring customers. 
What Is Fisdom?

Fisdom helps its customers to achieve their financial goals based on their capital and risk profile. It has launched its app for assisting its customers in their investment plans specially mutual funds investment and also guiding them on financial literacy and in building their wealth portfolio.
Fisdom was founded by Subramanya SV, co-founder of Bessemer Venture, Ramganesh Iyer and Anand Dalmia , a former investment banker . "Many people end up leaving money in bank deposits because accessing capital markets is too complicated and too much jargon. Indians have more than $1.35 trillion of their wealth in low-yielding bank deposits and typically don't invest in capital markets for various reasons including lack of financial literacy and lack of time," said Subramanya.

Recent Fundings And Expansion

Last year also Fisdom raised Rs 3 crore in angel funding from a series of investments. In january it raised $500,000 from investors in India and abroad.Fisdom is also partnering with banks and other financial institutions to exapnd its footprins in vast areas of financial services. Fisdom is also wealth management partner of Bank of Baroda for their entire retail customer base. 
“Fisdom is a unique and innovative product with co-founders of a fine pedigree. We have known the cofounders for a while and see a lot of potential in the business,” Ash Lilani, co-founder of Saama Capital, said in a statement.