Neo Group raises $47.6 million led by MUFG Bank, Euclidean Capital

Wealth and asset management fintech Neo Group on Monday raised $47.6 million in its latest funding round led by Japan’s MUFG Bank, New York-based Euclidean Capital LLC, and Peak XV.

The capital raised will be used to expand the company’s wealth management division and support its asset management business.

The latest funding takes the firm’s equity base to Rs 1,000 crore.

The Mumbai-based firm had raised $26.5 million in a Series B round in August this year, according to data from market intelligence platform Tracxn.

“We are really excited to partner with some of the finest global institutions and continue to stay committed to delivering world-class investment products and solutions in an unbiased, transparent, and cost-efficient manner,” said Nitin Jain, chairman and managing director, Neo Wealth and Asset Management.

Prior to the latest fundraise, the company had raised around $70.3 million across three funding rounds, Tracxn data shows.

“We are excited to partner with the Neo management team, who have impressively grown their assets under administration (AUA) to Rs 35,000 crore in the wealth management business and Rs 6,000 crore in assets under management (AUM) in their asset management business,” said Shashank Joshi, deputy chief executive officer (CEO), MUFG India.

This marks the bank’s first investment in wealth management in India.

Neo was founded in 2021.

The company serves clients across high net worth individuals (HNIs), ultra-high net worth individuals (UHNIs), and multi-family office segments.

It offers financial advisory services and is creating a platform for transactions and consolidated portfolio reporting across various products, asset classes, and instruments.

The group manages about Rs 35,000 crore in wealth management assets and Rs 6,000 crore in alternative asset management.