Wealth management app Fisdom raises Rs 7 crore from Saama Capital

Bengaluru-based wealth management app Fisdom has raised Rs 7.33 crore ($1.1 million) from Saama Capital. The company will use these funds to further invest in technology, team expansion and customer acquisition, a press release stated.

Fisdom was founded by Subramanya SV, a former partner at Bessemer Venture Partners, Ramganesh Iyer, who co-founded a wealth management company that was bought by Karvy in 2009, and Anand Dalmia, a veteran investment banker.

In December 2015, the company had raised a round of seed funding from angel investors including Rob Chandra (Forbes Midas list venture capitalist from the Bay Area), Raghunandan and Aprameya (founders of TaxiForSure), Sumit Jain (founder of Commonfloor), Vishal Purohit (founder of Wooqer), Gaurav Gupta (Head of Macquarie India), Atin Kukreja and Debajit Sahu (founders of Rippledot, Singapore).

Fisdom tries to address the issue of lack of financial literacy among the Indians and thus assist them in making informed investment choices through its mobile and web apps. "Traditional wealth managers have mostly targeted elite customers leaving the vast majority of the population unserved. We see a huge potential and opportunity with the growing usage of smart phones and internet in Tier 2 and Tier 3 cities," said Subramanya.

The six-month old start-up currently facilitates investments into various types of mutual funds. In July, it was appointed the wealth management partners for their entire retail customer base of Bank of Baroda.