FnO, a Singapore-based fintech startup has raised $2 million (approx ₹13 crore) in an angel round. The platform will use the infuse funds to launch the product in India and take it to other countries.
Although, the firm, did not disclose the names of the investors, it confirms that top executives of banks, financial services, asset management and consumer internet companies invested in their personal capacities.
“Our first product is for novice traders, which is a product with built-in risk management. We also have a premium product for expert traders that will be launched concurrently,” said Vishesh Dhingra, CEO, FnO.
FnO, based out of Singapore, was founded by Vishesh Dhingra in 2017. The startup was built for futures trading that aims to develop a platform for trading in futures and options for retail customers.
Moreover, futures and options is a trading mechanism where traders enter into a contract on a future price of stocks or products and may rack up or lose money depending on the price fluctuations.
Adding on, according to the report on Indian fintech ecosystem, there has been three-fold growth in the number of fintech startups during 2015-2018.
While, some significant fintech startups in India includes Paytm, MobiKwik, Policy Bazaar, PhonePe, PayU, Kissht, Shubh Loans, Lending Kart and Faircent.