ⓘ Featured image details: sitting left-to-right Rajan Pathak & George Mitra (Co-founders); standing left-to-right Vijaykumar Panchagatti (VP, Technology), Rohan Daftart and Tanay Chourisia (Core team members)
The 3-month old Mumbai-based deep-tech PaaS (Platform-as-a-Service) Fintso, that offers a B2B2C solution to the wealth management industry on Wednesday (18 March) raised $2.6 million in a maiden funding round led by a number of angel investors including Rajeev Juneja, CEO of Mankind Pharma; Pratul Shroff, founder of Einfochips; and Dilip Khandelwal, MD & Head of Technology, Asia Pacific, Deutsche Bank among others.
The company in a statement said that the funds will be deployed towards Independent Financial Advisors and Multifunction products to build client relationships, operations, and enhance productivity.
The CEO & co-founder of Fintso George Mitra in a statement said,
“We are extremely happy to have investors who believe in what we are doing and are providing much more than capital – by sharing their knowledge and experience. Their experience in having started and built-out enterprises, and being professionals who steer large organisations, will be invaluable for Fintso in its journey.”
Rajan Pathak, co-founder of Fintso said,
“Independent financial entrepreneurs have long been the “bridge of trust” for clients, not only existing, but new savers. Providing solutions to this eco-system, to help them do more, and do better, for their clients, is the most effective way of addressing this large, yet highly fragmented, market. Using Fintech, to enhance and augment their offerings, will ultimately help serve the individual investors address their needs more holistically”.
Affirming the methodology and potential of Fintso, Piyush Gupta, Group CFO, HT Media said,
“By using ‘Deep Tech’ and automation, Fintso is trying to solve a real problem of non-standardisation and information asymmetry in the large financial advisory space. The fact that it is led by a stellar team of professionals having a vast domain experience as well as technology background augers well for success. I wish them all the very best in their journey.”
Commenting on the investment round, Pratul Shroff said,
“As India experiences growth and expansion in the coming decade, more and more people will feel the need to participate in the financial markets. Just like eComm growth in Tier II, III and IV cities, there is a huge pent up demand for financial information, and good solid advice on investment options and opportunities. Fintso fills that gap by enabling independent financial advisors to expand their reach and market in a meaningful way.”