London- and India-based Heathwalk Advisors Pvt. Ltd, which runs financial technology platform MaxMyWealth, has raised an undisclosed amount from two UK-based firms, it said in a statement.
It raised funding from alternative asset management firm and an investor in the blockchain ecosystem Global Advisors (Jersey) Ltd and diversified investment company Horseferry, it said.
Vinay Chauhan, who founded Heathwalk Advisors early this year, told VCCircle that the investment amount is "significant". He did not disclose details.
The firm will use the funds to build the team, enhance its offering and grow its customer base.
Chauhan is an investment professional with over 10 years of experience across various countries. Prior to founding Heathwalk Advisors, he worked with Anthemis Group, a London-based fintech investor, as principal (investments).
Narayan Naik, professor of finance and joint chair, finance faculty, at London Business School, is the founding shareholder of the firm.
Russell Newton, co-founder of Global Advisors (Jersey), will join the board of the company while Stephen Gibbons, senior advisor, Horseferry, will provide strategic guidance to MaxMyWealth.
MaxMyWealth is a savings and investment application that helps customers select the best mutual funds, using proprietary research by a team based in India and the UK. The company is also connecting marketable securities to ATMs and POS through a VISA card, providing people with an alternative way of saving, circumventing the banks. The platform plans to launch in the UK, Singapore and other geographies over a period of time.
"This is an exciting moment to tap into the growth of India’s middle-income earners,” said Gibbons.
In the past months, the fintech space has been the darling of investors, who are writing cheques generously to place their bets on the sunshine sector.
A recent VCCircle analysis showed that since the beginning of the year, at least 25 fintech startups have raised venture funding. The inflows have been well-distributed across the broader fintech space—while digital wallet firm Paytm may have got the biggest slice of the funding pie, raising a whopping $1.4 billion from SoftBank, online lending and payment gateway startups also elicited considerable interest from investors.