| Log in
Photo Credit: Shah Junaid/VCCircle
TMT

Fintech startup Fincash raises $100K from angel investors

16 June, 2017

Mumbai-based personal finance startup Fincash.com, run by Shepard Technologies Pvt. Ltd, has raised $100,000 (Rs 64 lakh) in its first round of funding from a clutch of individual investors.

The angel investors include Mohammed Khan, founder of Rediffusion, and Sameer Narayan, former fund manager at BNP Paribas. A couple of executives from the financial services industry also invested.

Fincash will use the funds to strengthen its technology and expand its team, the startup said in a statement.

The company was founded in 2016 by IIT Bombay alumni Gaurav Perti and Pawan Kumar. It offers an online platform that help investors transact as well as monitor their investments in mutual funds, wealth management products and other investments. It offers solutions to customers for channelising funds into long-term savings and tax planning.

“The retail segment in India is largely underpenetrated and there is a requirement to have a platform to serve customers and get them to invest. Mutual fund assets have also remained concentrated towards the top 10 cities in India, and there is a need to tap into India beyond this,” Perti said.

The fin-tech space in India has heated up with a number of players getting into the payments, lending, insurance and personal finance segments. The sector is also seeing a lot of investment activity. A recent VCCircle analysis showed that 25 fin-tech startups had raised funding in 2017 alone.

Earlier this week, Bengaluru-based MWYN Tech Pvt. Ltd, which runs fin-tech startup MoneyTap, raised $12.3 million (around Rs 79 crore) led by Sequoia India.

This month, online peer-to-peer lending platform LoanMeet, which is run by Strivers Solutions Pvt. Ltd, had raised seed funding from a clutch of investors including Chinese entrepreneur-turned-investors Cao Yibin and Huang Wei, along with KrazyBee.com co-founder and CEO Madhusudan E.

In another deal this month, mobile payments startup Ftcash raised an undisclosed amount in pre-Series A funding from US early-stage venture fund 500 Startups and existing investor IvyCap Ventures.

Like this report? Sign up for our daily newsletter to get our top reports.


Leave Your Comment
SolarTown, Comarete Technologies raise $200K via GREX

SolarTown, Comarete Technologies raise $200K via GREX

Vijayakumar Pitchiah 2 years ago
Chennai-based startup SolarTown Energy Solutions Pvt Ltd and Pune’s Comarete...
Customer engagement startup EasyRewardz mops up $2 mn in Series A round

Customer engagement startup EasyRewardz mops up $2 mn in Series A round

Gurgaon-based EasyRewardz Software Services Pvt. Ltd, which offers solutions for...
Online lending platform ZipLoan raises $3 mn from Matrix Partners, others

Online lending platform ZipLoan raises $3 mn from Matrix Partners, others

Binu Paul 4 weeks ago
Online lending platform ZipLoan, which is operated by Delhi-based Blue Jay...
No Comments

Fintech startup Fincash raises $100K from angel investors

Powered by WordPress.com VIP