Mumbai based Fintech start-up Fincash.com raised INR 1 Crore (~$150,000) in funding from Angel Investors. The company will use this investment to expand their product solutions, customer base and widen the reach of its financial services across the country, announced the startup in a press release sent to Indianweb2.com.

Gaurav Perti, co-founder of Fincash said, “We plan to utilize this for team & product line expansion coupled with marketing”.

Launched in 2016, Fincash has raised total $250,000 funding to fund its business expansion, product expansion, and team expansion. The angel investors include industry veterans like Mohammed Khan (Founder of Rediffusion), Sameer Narayan (ex- Fund Manager BNP Paribas), and a couple of other industry stalwarts from financial services.

In June 2017, the startup had raised a round of funding from a number of industry stalwarts and HNI investors, it was reportedly pegged at $100,000.

Founded in 2016 by two individuals from IIT Bombay -- Gaurav Perti and Pawan Kumar, both having over 12 years of experience each in the domain of financial services & technology. Nearly a year old, Fincash.com is a funded start-up in the Financial Technologies space (or FinTech). The startup aims to create an innovative online wealth management platform that is dynamic & differentiated in the marketplace.

Right from KYC registration to suggesting right plans to selecting the best funds, the company actively participates in the entire investment journey of a user. “I think people to a large extent don’t have an idea about how to plan their investments. We aim to bridge this gap. We strategies customers’ investment goals and help them achieve within respective time frames. Liquid funds are a great Mutual Fund option to begin your investments with. It is the best fund to make money through an idle cash.”

Gaurav further says, “It is important to make a first-time investor comfortable with Mutual Funds. Once they gain confidence with short-term plans like liquid funds, we introduce them to equity funds via a SIP. Addressing customers risk-appetite and giving them better solutions, I think, is a great way to encourage their investment journey.”

Fincash will be soon expanding its existing product solutions— i.e., SmartSIP, SavingsPlus, and TaxSaver. There will be new categories within these solutions that will help customers to invest as per their financial goals and time frames. Investors will get wide choices to invest in different time frames, right from very short, short, mid to long duration, as per their investment needs & risk-appetite. They can simply make a goal-wise investment via these solutions.

Fincash was launched two-years back, and today, “We have crossed more than 5000+ investors and we are working exponentially towards adding users every month”, says Gaurav. The platform has 30% of active users and gains a monthly traffic of 3,00,000+ views. Currently, Fincash.com is present in 150+ cities across India.

Few days back, an another Mumbai-based Fintech startup Eduvanz has raised $500,000 funding led by Blinc Advisors.

Prior to that, in last month, a Bengaluru-based fintech startup NiYO Solutions raised $13.2 million in its Series A funding from investors including Social Capital, JS Capital LLC (the family office of Jonathan Soros), and Horizons Ventures and existing investor Prime Venture Partners. Prior to this, an another Artificial intelligence-powered fintech startup Active.Ai raised $8.25 million in Series A funding led by Vertex Ventures, Creditease Holdings and Dream Incubator.

In August 2017, an another lending startup Capital Float raised $45 million (~ Rs 300 crore) in a series C round led by Palo Alto-based fin-tech investor Ribbit Capital, with substantial participation from follow-on investors SAIF Partners, Sequoia India and Creation Investments Capital Management.

Later in September'17, Lendingkart Technologies Pvt. Ltd, a fintech start-up focused on lending, raised $10.51 million from Bertelsmann, Mayfield and others.

Other fintech start-ups that have raised funds recently include ZipLoan, Cash Suvidha, Kissht, Shubh Loans, Stashfin, LoanMeet and others.

To recall, according to a NASSCOM report published in November 2017 Fintech and healthcare are most funded segments of startups in India, in past one year. The total number of startups in the fintech space has gone up to 360 from 275 in 2016, thus registering 31% growth in the number of startups.

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