Pickright Technologies, which helps consumers to grow and manage money through investments, has reportedly collected $200,000 in funding.
The round was led by JITO Angel Network, with contributions also coming from Mumbai Angels and a number of other unnamed angel investors, according to a report from Entrepreneur.
With the capital burst, the FinTech company hopes to increase its marketing efforts as well as deepen its technology and boost awareness for investing right and early.
Pickright Technologies leverages AI and machine learning-powered algorithms to help retail investors build portfolios comprised of mutual funds, equities, gold and more.
The company also offers personalised portfolio management tools, which gives tools to plan, save and invest in a tailored, diversified portfolio. A user can dictate the risk profile investible amount and more.
Pickright Technologies co-founder and CTO Namandeep Bhatia told Entrepreneur, “We are all glaring at pension-less retirement and job uncertainty. Erosion of interest rates as inflation is growing. This is the right time for investors, young and old alike, to notice and put a step towards wealth creation. Every penny counts.”
Total investment into the WealthTech sector has nearly tripled over the past five years, according to data by FinTech Global. In 2020, WealthTech companies around the world raised a combined total of $9.3bn in funding, which is a steady rise from the $8.5bn raised during 2019.
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