The Bengaluru-based online financial platform, Wealthy has lately raised $1.3 million in the funding round led by the early-stage venture capital company, Emphasis Ventures (EMVC); EMVC also partook in the company’s funding round.
Other investment companies that have previously infused in the fintech startup are Venture Highway, V1 Capital, Globevestor and Tracxn Labs. The company will be employing the raised capital to surge its partner base and further develop its platform to give more financial products.
Wealthy administers a fast-growing online fintech platform that helps professionals, as well as other people, to become wealth managers. The startup offers training and online financial tools to turn its customers into independent businessmen.
“Our focus is to build a strong base of partners that we call Wealth Managers. Over the last three years, we have realized that though there is a growing demand for online financial solutions that are convenient and paperless, there is an underlying trust issue that deters most end customers to build meaningful relationships. Our partners are helping solve this trust deficit by bringing a rules-based advisory experience to customers in their trust network” says Aditya Agarwal, Co-founder of Wealthy, said in the company’s statement.
Offers Wealth-centric Solutions
Wealthy was established by Aditya Agarwal and Prashant Gupta in 2016. At present, the startup provides a spectrum of data-led and rule-focused solutions for consumers' financial needs. The partners associated with the company render services to clientele by focusing on three main factors that are growing wealth, protecting wealth and creating wealth.
It is currently employing professionals across the country to help enhance the business incorporating a wide spectrum of intelligent products and data accessible on the platform.
“Indian households with a large and emerging middle class deserve the transparency, cost-efficiency, and convenience of the country’s digital finance transformation, while still enjoying personalized, professional service from their advisor. We look forward to working with the Wealthy team as they build a next-generation network of technology-enabled advisors to service a growing need of Indian households,” Melissa Frakman, Managing Partner of EMVC said, according to the reports.
Besides the current funding round, Wealthy had also received offerings INR 1.6 crore from angel investors viz. Zishaan Hayath, Founder and CEO of Topper, Harpreet Singh Grover, Founder and CEO of CoCubes, Abhishek Goyal, Founder of Tracxn and Gagan Dugal, Managing Director of Matrix Cellular, Inc42 reported.
The Surge of Fintech Industry
The traditional financial services have globally undergone a radical transformation that has been brought about by technology and innovation. In 2015, more than 12,000 start-ups sprouted in the Fintech space across the world with a massive investment of USD 19 billion, according to the Make in India programme.
The cited government programme also informed that the industry is likely to continue its current growth trajectory, with the global Fintech software and services sector predicted to touch USD 45 billion by 2020 at a Compound Annual Growth Rate (CAGR) of 7.1 per cent.