3-month-old India fintech startup company Fintso has raised a whopping $2.6 million. The funds were raised from several Angel investors in its first-ever funding round. The startup was build by two wealth management experts, George Mitra and Rajan Pathak. The main operation of the company is operated to proffer solutions to the wealth management space.
The investors are Rajeev Juneja (CEO of Mankind Pharma), Pratul Shroff (Founder of Einfochips) and Dilip Khandelwal (MD and Head of Technology, Asia Pacific, Deutsche Bank). Some of the largest Venture Capitalists in India also took part in the funding.
Fintso Ideologies Ahead of Fund Raising
Fintso is designed to foster relationships between Independent Financial Advisors (IFAs) and their clients. With the capital, Fintso aims to build a top-notch platform. One that will serve as a link between IFAs and their clients. Helping them nurture clients, encouraging productivity and facilitating hitch-free operations. Alongside this service, the capital will help improve the startup operations while also enabling them to provide real-time support to their clients.
The startup boasts of being a Deep-tech based on PaaS (Platform-as-a-Service) and provides B2B2C services especially for smart solutions and its related services in the wealth management space.
Speaking on the investment, George Mitra, disclosed that the entire Fintso community was pleased by the outcome of the maiden funding. Adding that their investors were not just providing capital, but also “sharing their knowledge and experience”. As most of them are top professionals in charge of large and successful organizations. Their input is therefore highly welcomed and invaluable to help Fintso achieve its vision. For the uninformed, George Mitra is the Co-founder and CEO of Fintso.
Fintso Team Always Into Fintech
Mitra prior to creating Fintso was the CEO of Avendus wealth, he was in charge of a team of 125 people and $4 billion. Co-founder of Fintso, Rajan Pathak was also the CEO of IFAN. He managed a team of over 1300 Independent Advisors and assets worth $500 million. Other team members include Vijaykumar Panchagatti (Ex-Director, Unisys), Tanay Chourasia and Rohan Daftary with more than 75 years of cumulative experience.
Rajan Pathak, co-founder of Fintso added that for a long time Independent financial personnel has served as a bridge for clients. Not just existing ones but new savers. The wealth management sector, however, still has a long way to go. “Providing solutions to this ecosystem, to help them do more, and do better, for their clients, is the most effective way of addressing this large, yet highly fragmented, market”. Employing Fin-tech will help meet individual investors’ needs more holistically.
India and Fintech
India’s current financial market makes it difficult for a financial service provider to meet the needs of customers spread across the country. Financial service entrepreneurs may be able to cover large geographical locations, however, they face issues of cost-efficiency and expansion. Fintso aims to bridge this gap using Robotic Process Automation(RPA’s), Artificial Intelligence(AI) and Machine Learning (ML) backed platforms.
With this in mind, Piyush Gupta, Group CFO, HT Media pointed out that, Fintso is looking to solve the issue of non-standardization in the financial advisory sector using Deep tech.
Adding that “The fact that it is led by a stellar team of professionals having a vast domain experience, as well as technology background, augurs well for success. I wish them all the very best in their journey.”
Pratul Shroff, Founder of Einfochips, also added that
“As India experiences growth and expansion in the coming decade, more and more people will feel the need to participate in the financial markets […]. Fintso fills that gap by enabling independent financial advisors to expand their reach and market in a meaningful way.”
Fintso also plans to reach out to manufacturers and vertical integrators, offering them the benefit of wealth management. And providing a platform for them to create awareness for their products.