Digital payments firm PayU has acquired a minority stake in Fisdom, a wealth tech start-up by leading an $11 million (Rs 78 crore) funding round with current investors Saama Capital and Quona Capital.
With this move, PayU enters the wealth and investments techs, as it aims to go beyond digital payments gamut and reach broader financial services.
Fisdom’s platform enables consumers to make investments across mutual funds, pension funds, insurance funds, digital gold and others.
“This investment marks PayU’s entry into the wealth tech segment … Fisdom, with its multi-product strategy and a robust and scalable digital platform, offers immense cross-selling opportunities,” said Anirban Mukherjee, chief executive PayU India .
“The company has a strong management team led by experienced founders and we are happy to partner with them and work towards providing a broader fintech platform around core payments and lending business,” said Mukherjee said in conversation with an English Daily.
With this move, PayU gets a bit closer to the fintech platform. The company also recently acquired Wimbo, a payments security company. Earlier, PayU made investments in two lending startups in India namely Paysense and ZestMoney. The company stepped into the payments ecosystem in 2016 by acquiring Citrus Pay. PayU had also made an investment of around $120 million in German credit startup Kreditech in 2017.
Fisdom was founded by Subramanya SV and Anand Dalmia in 2015 and it works with banks to offer a wealth management platform.