India-based online investing platform SAMCO Ventures has reportedly closed $7.5m in its Series B.
Existing backer Bay Capital led the investment, which also saw a contribution from a selection of angel investors, according to various reports in the media.
The company’s platform is designed to help everyone trade stocks, futures, options, and commodities. Its solution, which is available via mobile, desktop or browser, offers personalised stock market alerts, simplified analysis, and access to credit to purchase stocks when funds are low.
SAMCO aims to support traders by providing educational tools to help them get to grips with the market and the best ways to invest. Various tools are also open to users including margin, SPAN and brokerage calculators, a risk monitoring services and stock ratings.
Funds from the series will be used to build a mutual fund distribution platform, the articles said.
This investment brings the SAMCO’s total fundraising efforts to around $10.5m, with it previously raising $3m in 2015, the reports state.
India’s FinTech sector has had a recent slew of companies to close funding rounds. Earlier in the week, Rubique, an online loan, credit card and insurance product comparison platform raised funding from Recruit Group and Emery Capital.
Other companies to recent close transactions in the country include online lending platform PayMe India, Mobile banking app Microchip Payments, and working capital provider Capital Float.
The retail investing and trading sub-sector of WealthTech was dominated by the North American market last year, receiving 56 per cent of the total capital deployed, according to data by FinTech Global. The next biggest market was Asia, which bagged $146m of the total $468m that was invested globally.
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