Personal finance startup, Fincash.com has raised $100,000 in the first round of funding from a number of individual investors. The angel investors include Mohammed Khan (Founder of Rediffusion), Sameer Narayan (ex- Fund Manager BNP Paribas), and a couple of other industry stalwarts from financial services.
Fincash.com was founded in 2016 by two IIT Bombay alumni Gaurav Perti & Pawan Kumar. Both the founders have extensive experience in the domain of financial services & technology.
The startup focuses on the money market space in India for retail investors and seeks to get customers onboard with its solutions. It offers pre-packaged solutions to customers for channelizing funds into long-term savings, tax- planning and even idle money lying around. The startup aims to create an innovative online wealth management platform that is dynamic & differentiated in the marketplace.
CEO – Gaurav Perti says, “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.”
“Today, the folios in the mutual funds industry have crossed 5 Cr mark, with unique folios being much lower, hence penetration levels in India are in the 1-2% range, developed market show penetration levels of over 50%” says, Perti , citing the potential that exists in the Indian markets.
While FinTech funding declined in 2016, a recent KPMG report said, the trends in 2017 are being keenly watched. The Fintech space in India has heated up with a number of players getting into the payments, lending, insurance and personal finance space. The next few years would be very interesting to see who would be able to come through given the push to create a digital economy in India.
Fincash will use the funds to strengthen its technology and expand its team, the startup said in a statement.