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February 18, 2022

Wealthtech platform Fintso eyes $10m funding to accelerate expansion

India-based wealthtech start-up Fintso is seeking to raise at least $10m in a bid to fund its expansion and add new talents to its team, reported PTI.

The firm, which has raised $3m in the first round, is expecting to sign the term-sheet with venture capital funds by late-March or early-April.

Fintso was founded in November 2020 by former Avendus Wealth chief executive George Mitra and wealth management veteran Rajan Pathak.

The firm offers API-based platform-as-a-service (PaaS) for financial advisors and their clients. Additionally, it also provides several offerings, digital execution, and advisory support that allow independent financial product providers to tap into the retail investing segment in the country.

According to Mitra, Fintso currently serves more than 3,400 independent distributors and agents, who service 1.5 million retail clients with assets of INR1.4 trillion (18.75bn).

The firm is said to be currently in talks with a number of domestic and overseas venture capital funds for the fundraising round.

Fintso intends to use the money from the potential fundraising round to accelerate the product innovation, expand the team and bolster its presence.

The firm’s initial fundraising round was joined by several angel investors including Kanwaljit Singh of Fireside Ventures, Indiamart co-founder Brijesh Agarwal and Deutsche Bank global CIO Dilip Khandelwal.

The round also saw investment from some of the large family offices, according to Mitra.

Last October, Fintso acquired WealthMagic, which provides software as a service (SaaS) for wealth management industry, in an undisclosed part-equity and part-cash deal.

Earlier this month, India-based multi-family office and wealth advisory firm Waterfield Advisors secured $6m capital boost to accelerate its growth.

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