Personal finance management startup Fisdom announced on Wednesday it secured $4 million during its Series B funding round, which was led by Accion Frontier Inclusion Fund, managed by Quona Capital, with participation from existing investor, Saama Capital.
Founded in 2015, Fisdom described itself as an easy-to-use, jargon-free platform that allows users to make smart financial and investment decisions for long-term financial health.
“Fisdom is an extremely simple app to make smart investments. We at fisdom have one goal in mind: Make your money work for you. That’s why we’re blending cutting edge technology with personalized financial advice. We believe technology can change the investment advisory industry by making it more accessible, understandable and quick. And we believe our proposition can change the nature of investment advice, making it completely transparent, objective, secure and personal.”
Speaking about Quona Capital’s investment in Fisdom, Ganesh Rengaswamy, Founding Partner at Quona Capital, stated:
“In Fisdom, we are thrilled to back a team that is taking a uniquely holistic, customer-centric approach to developing savings, investments, and financial management tools for emerging, underserved consumers. The solution Subu and Anand are building truly democratizes wealth advisory in India for the first time.”
Kiranbir Nag, Partner at Saama Capital also commented:
“We have seen the Company consistently execute on its well-articulated and differentiated strategy to go after this large unserved market. We are happy to continue to support the company’s growth and welcome the addition of Quona Capital as we enter this exciting next phase of growth.”
In regards to the company’s future, Subramanya SV, CEO of Fisdom, added
“We are excited to partner with Quona Capital. As a fintech-focused fund in emerging markets, the team has deep and relevant understanding of our business, and we hope to benefit from their insights.”
With this new investment round, Fisdom intends to further enhance its technology, and expand its team and customer acquisition efforts. The company also has plans to roll out more financial products like insurance and NPS.
