India-based Stockal, which offers retail investment services, has reportedly collected $3m in funding to help it reach its target of hitting $1bn assets under management.
The pre-Series A funding round was led by Aroa Ventures, with commitments also coming from Cadenza Capital Management, Kristal.ai, Tracxn Labs, July Ventures and Credence Family Office, according to a report from TechCircle.
Following the close of the round, the FinTech has set its next goal at reaching $1bn in assets under management. In addition to this, Stockal is hoping to expand its presence in Southeast Asia and Eastern Europe.
Stockal is looking to raised $10m for its Series A in the near future, it said.
The FinTech enables consumers to invest into stocks and ETFs, as well as invest into curated portfolios. Furthermore, Stockal offers cash management tools to save, invest and spend from a single account.
According to its website, the company has made more than 200,000 trades on its platform and in the past 12 months, it has supported a total of $400m in transactions.
It was previously reported that Stockal secured $1m in the pre-Series A round in March 2021. The capital was supplied by ScaleX Partners.
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