PayU, digital payments company has acquired a minority stake in wealth tech startup Fisdom, by leading an $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 others have come from other venture capital funds.
Through this step, PayU is entering investments and wealth 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 year. The Bengaluru-based startup has a 150-member team at present.
Fisdom’s platform allows consumers to invest across instruments like pension funds, mutual funds, term insurance, digital gold and others.
Now, the company aims to add health and general insurance products and also enter into stockbroking.