Automated wealth management startup Cube Wealth has secured INR 14.6 crores in series A round of funding from Beenext, Asuka Holding and 500 Startups. Beenext is based in Singapore, Asuka Holding is based in Japan and 500 Startups is based in Silicon Valley.
The Mumbai-based fintech startup will utilize the fresh capital to expand its offerings to cities like Delhi-NCR, Bengaluru, Hyderabad, Chennai, Pune and Kolkata. The startup also plans to expand to Europe and Japan and target non-resident Indians un the upcoming years.
Founded by Satyen Kothari, the founder of Citrus Pay, Cube Wealth offers an intelligent wealth management platform allowing users to invest and manage portfolios under one roof. It also provides investment advice from registered financial advisors and helps users save more and create wealth.
Satyen Kothari, Founder and CEO, Cube Wealth, said, “We are targeting the upper-middle-class segment of users who have an income of ₹10 lakh per annum and above and want to make financial planning easy and jargon-free.”
Based on a subscription model, the startup earns its revenue when a user pays an investment advisor. The platform charges a commission on the transaction. The startup is recognized by SEBI (Securities and Exchange Board of India) and RBI (Reserve Bank of India).
Cube Wealth employees around 15 people comprising mostly engineers. However, the startup is looking forward to increasing its workforce but to keep the count below 50. Last year, the startup raised an undisclosed amount of funding from undisclosed investors.
The fintech industry in India is creating a lot of buzzes these days. Other wealth management startups competing with Cube Wealth include ETMONEY, Paytm Money, Groww, Scripbox, Fisdom, Moneyfront, and WealthTrust, among many others.
Earlier this month, Mobikwik acquired Clearfunds, entering into the wealth management segment. Last month, Paytm Money was launched by Paytm, to expand into the mutual fund investment market in India.