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50 hot startups 2017

PayU leads Rs 78 crore funding round in Fisdom

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While PayU has pumped in $5 million, the existing investors have invested $3.5 million and the rest has come from other venture capital funds.
BENGALURU: Digital payments company PayU has acquired a minority stake in wealth tech startup Fisdom, by leading a $11-million (Rs 78 crore) funding round, along with existing investors Saama Capital and Quona Capital. While PayU has pumped in $5 million, the existing investors have invested $3.5 million and the rest has come from other venture capital funds.

Through this move, PayU is entering wealth and investments technology as it seeks to move beyond digital payments into broader financial services. With the new funds, Fisdom plans to launch a new product suite and double its headcount in the next one year. The Bengaluru-based startup currently has a 150-member team.

Fisdom’s platform allows consumers to invest across instruments like mutual funds, pension funds, term insurance, digital gold and others.

Now, the company plans to add general and health insurance products and also enter into stock broking.
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