WealthTech firm Centricity, an India-based wealth management platform serving finance and investment professionals, has reportedly closed a funding round worth approximately $33m.
The round was led by SMBC Asia Rising Fund and included participation from existing backers Lightspeed India Partners and Burman Family Office, according to a report from IBS Intelligence. The financing was made up of roughly $27m in equity alongside $6m in venture debt, and it has pushed the company’s valuation to around $216m.
Centricity intends to direct the fresh capital towards reinforcing its technology infrastructure, growing its business-to-business-to-consumer (B2B2C) wealth distribution arm, and scaling both its private wealth division and its offering for non-resident Indian (NRI) clients.
Established in January 2022, Centricity was built to support finance and investment professionals looking to launch and run their own independent practices. Its platform is designed as a comprehensive SaaS-based investment management system, giving users access to digital transaction tools across a broad range of products.
The company has positioned itself around the idea that wealth professionals want to prioritise client relationships rather than shifting institutional agendas, while investors themselves are looking for consistency rather than being sold products on a rotating basis.
Centricity has said it is aiming to replicate the feel of a family office for a range of investor types, spanning the emerging affluent, affluent, and high-net-worth segments, describing itself as boutique in approach but institutional in scale.
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