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India-based PaaS (Platform-as-a-Service) startup Fintso has secured $2.6 million in its maiden round funding from the set of individual Angel investors.
The new round of funding led by angel investors such as Rajeev Juneja (CEO of Mankind Pharma), Pratul Shroff (Founder of Einfochips), Dilip Khandelwal (MD & Head of Technology, Asia Pacific, Deutsche Bank), and Piyush Gupta also saw the participation of General Partners of India based Consumer VCs.
In a statement issued, the company said, “It will use fresh funding for strengthening its operations and for expansion of the team.”
“The company will also use fresh funds to develop a state-of-the-art platform to help Independent Financial Advisors (IFA), MFDs to nurture client relationships, enable seamless operations, and to help them to increase its productivity,’ the statement reads.
Founded by wealth management industry veterans, George Mitra and Rajan Pathak, Fintso is a PaaS based B2B22C solution provider to the wealth management industry for smart solutions and allied services to the ecosystem players.
Speaking on the investment in Fitso, Piyush Gupta, Group FFO, HT Media says, “By using ‘Deep Tech’ and automation, Fintso is trying to solve a real problem of non-standardization and information asymmetry in the large financial advisory space. The fact that it is led by a stellar team of professionals having a vast domain experience as well as technology background augers well for success. I wish them all the very best in their journey.”
Whereas, Rajan Pathak, Co-founder of Fintso said, “Independent financial entrepreneurs have long been the “bridge of trust” for clients, not only existing but new savers. Providing solutions to this eco-system, to help them do more, and do better, for their clients, is the most effective way of addressing this large, yet highly fragmented, market. Using Fintech to enhance and augment their offerings will ultimately help the individual investors address their needs more holistically”.
“The disrupted ecosystem of the Indian financial market often makes it difficult for service providers and vertical aggregators to efficiently service these large pockets of customers spread across the country. While independent financial advisors may have that reach, they cannot expand efficiently and cost-effectively to reach the wider and dynamic audience. Fintso focuses on bridging this gap with its RPA’s (Robotic Process Automation), AI (Artificial Intelligence) and ML (Machine Learning) backed platform,” he added
Adding to the statement, Pratul Shroff, Founder of Einfochips said, “As India experiences growth and expansion in the coming decade, more and more people will feel the need to participate in the financial markets. Just like eComm growth in Tier II, III and IV cities, there is a huge pent up demand for financial information and good solid advice on investment options and opportunities. Fintso fills that gap by enabling independent financial advisors to expand their reach and market in a meaningful way.”