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A Mumbai-based Financial planning startup “Cube Wealth” has announced that “It has secured $2 million in A series round funding, the latest round funding was led by Singapore-based venture fund Beenext, Japan-based Asuka Holding and 500 Startups.
Cube Wealth was founded in May 2018 by Citrus Pay founder Satyen Kothari, who sold Citrus Pay for $130 million in 2016.
While talking about the recent funding, Kothari said that “The funds will be used to increase sales in major cities – Mumbai, Delhi, NCR, Bengaluru, Hyderabad, Chennai, Kolkata and Pune – and expand into Europe and Japan. Kothari said Cube Wealth hopes to become profitable when it’s ready to start a Series B fundraiser in about 18 months.”
“Cube Wealth helps users plan their finances with the goal of saving more. It works on a subscription model where a user pays an investment adviser who receives a commission from the cube. It has advisors to the Securities and Exchange Board of India and the Reserve Bank of India, who typically advise wealthy individuals and offer international investment options in mutual funds.”
Adding to this, Kothari said, “We are targeting the upper-middle-class segment of users who have an income of ₹10 lakh per annum and above and want to make financial planning easy and jargon-free.”
Right now, Cube has 15 employees, mostly engineers and planning to hire more in the coming years, with the target of hiring lesser than 50 employees.