Kristal.AI secures $10m to redefine private banking


Kristal.AI, a wealth management platform, has raised over $10m for its pre-series B funding round on its mission to redefine private banking. 

The round brings total funding for Kristal.AI so far to more than $27m.

According to a report from The Edge Singapore, the funding came from existing investors, such as Chiratae Ventures, Sanadhya family and Desai Family Office, as well as new investors, such as Stride Ventures and other unnamed individuals.

Kristal.AI set out to redefine private banking, by making it more accessible, transparent and personalised.

Operational in Singapore, Hong Kong and India, the company is using artificial intelligence to create investment strategies and is targeting wealth funds, high-net-worth individuals and family offices.

Its platform provides investors and advisors with sophisticated curated portfolios (branded as Kristals) created by financial experts on the platform. Each Kristal is based on a theme and is comprised of a wide variety of exchange-traded assets including stocks, ETFs, bonds, options, futures, currencies and alternatives.

The company previously raised $6.3m last March.

The firm, as of August, has built up an AUM of more than $1bn, and its user base has grown by more than 50% year-on-year.

The firm has also applied for a license to expand into the United Arab Emirates, which has an estimated $35bn in AUM.

Asheesh Chanda, founder and CEO, Kristal.AI, said, “We are excited to announce this fresh funding round, which is a display of investor confidence in our business.”

Sidekick, a UK-based wealth management startup, recently raised £3.3m in pre-seed funding ahead of its launch next year, led by Octopus Ventures. Sidekick is on a mission to close the generational wealth gap by offering products and services typically reserved for only high-net-worth individuals.

This includes access to alternative investments, such as crypto, and the ability to borrow against these investment portfolios.

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