 "MakeMyWealth")
Two UK-based investors have acquired a significant minority stake in Heathwalk Advisors, which owns fintech platform maxmywealth.com, for an undisclosed amount. Healthwalk is based in London and India and the deal involves structured investments across geographies.
The investors include Global Advisors (Jersey) Ltd, an alternative asset management firm and a leading investor in the blockchain ecosystem led by its co-founder Russell Newton and Horseferry, a diversified investment firm led by senior advisor, Stephen Gibbons.
MaxMyWealth, launched in India in February this year, has created a savings and investment application to select the best mutual funds using proprietary research by a team based in India and UK, providing investors with prudent savings and investing options. The platform plans to launch operations in the United Kingdom (UK), Singapore, and other geographies.
It claims to provide features such as expected wealth views, interactive graphs, goal tracking and forecasts, intelligent withdrawal, and tax loss harvesting. The company is also connecting marketable securities to automated teller machines (ATMs) and Point of Sale (POS) through a VISA card, allowing investors to pay and withdraw their money through ATMs, POS, transfers.
Maxmywealth was founded by Vinay Chauhan, an investment professional, who has worked with firms like fintech investor Anthemis Group, Softbank Investment Holdings, JP Morgan, and Avigo Capital. An engineer and MBA, Vinay has invested across stages in consumer, consumer technology, and financial services over his career.
Russell Newton, co-founder of Global Advisors (Jersey) Ltd, will join the board of the company. Before co-founding Global Advisors in 1999, Newton held the position of Global Commodities Strategist with JP Morgan in London. Prior to this, he was the head of European energy trading at JP Morgan and held senior level positions at Shell, Phibro Division of Salomon Brothers Inc, and Rheinoel Limited.
Horseferry is a diversified investment company investing in businesses involved in industry transformation with strong fundamentals and sound business principles. The investment in MaxMyWealth is led by Senior Advisor, Gibbons, who is a former CEO, trader, and investment advisor to the oil industry. Gibbons will provide strategic guidance to MayMyWealth.
Commenting on the investment, Gibbons said, “Horseferry is delighted to have invested in Heathwalk Advisors. This is an exciting moment to tap into the growth of India middle incomer earner and that they could invest in mutual funds rather than saving through fixed deposit.”
MaxMyWealth envisions a fairer financial ecosystem, which keeps people’s best interest in mind, and embeds right products in people’s lives — contextualised to their life outcomes — in a simple, ‘gamified’ manner. It is an intelligent personal finance application ensuring better savings and wealth outcomes for people by directing people’s savings in prudent savings and investing options, automatically, utilising cutting edge research and practitioner insights.
Further, it offers on-demand access to their savings through best in class payment options, which include: a physical ATM card, and virtual wallet for peer to peer transfer, merchant transfer, and bill payments, giving people the same convenience as a bank account.
