WealthTech startup Fisdom has bagged $7m in an investment round led by payment technology firm PayU.
PayU had previously bought a minority stake in Fisdom for $5m.
Existing investors Quona Capital and Saama Capital also participated in the raise, The Economic Times reported.
Last year, PayU had acquired a minority stake in Fisdom after pumping $5 million into the platform.
Fisdom will use the money to develop its offering further and to attract more customers.
“Fisdom has grown into a leading digital wealth management platform and has created a demand for its services in the market,” Anirban Mukherjee, CEO of PayU India, told The Economic Times.
“We are very excited to continue to back Fisdom to help fuel its continued growth in the wealth-tech segment and further expand its product portfolio. With this investment, PayU is one step closer to offering payments, lending, and wealth-tech services in a single stack.”
Fisdom raised $4m in its 2017 Series B round.
It’s been a busy year for PayU. The Dutch PayTech kicked off 2020 by acquiring a controlling stake in Indian FinTech startup PaySense for $185m.
Moreover, PayU also encouraged the UK government to adopt a more global perspective after the Digital Finance Forum (DFF) unveiled a survey of more than 100 FinTech founders.
The DFF found that 75% of the founders believed the UK government has supported the wider economy well during the Covid-19 pandemic, but only 25% of them said the same about the government’s support of the FinTech industry.
Copyright © 2020 Fintech Global
