Fincash, a Mumbai-based finance technology startup has raised ₹1 Crore (approx. $150,000) in a new funding round led by angel investors. The company will now be using the raised money to expand their product solutions.
The money will also be used by the company to expand customer base and widen the reach of its financial services across the country. In a statement, the company said that “we plan to utilize this for team & product line expansion coupled with marketing.”
The angel investors who participated in this funding round include industry veterans like Mohammed Khan (Founder of Rediffusion), Sameer Narayan (ex- Fund Manager BNP Paribas), and a couple of other industry stalwarts from financial services.
Founded in the year 2016, Fincash has raised total $250,000 funding to fund its business expansion, product expansion, and team expansion. The company will soon be expanding its existing product solutions— i.e., SmartSIP, SavingsPlus, and TaxSaver.
There will be new categories of these solutions that will help customers to invest as per their financial goals and time frames as per the company’s claims. Further, it says that investors will get wide choices to invest in different time frames, right from very short, short, mid to long duration, as per their investment needs & risk-appetite.
Gaurav Perti, co-founder, and CEO of the company said, “I think people to a large extent don’t have an idea about how to plan their investments. We aim to bridge this gap. We strategies customers’ investment goals and help them achieve within respective time frames. Addressing customers risk-appetite and giving them better solutions, I think, is a great way to encourage their investment journey.”
The company claims to have crossed more than 5000+ investors and is working exponentially towards adding users every month. The platform has 30% of active users and gains a monthly traffic of 3,00,000+ views. Currently, the company’s services are available in about 150+ cities across India.